Bloomberg reports that Lou Rauchenberger, the chief administrative officer of the corporate and investment bank, was named as interim replacement, according to a staff memo from Chief Operating Officer Matt Zames obtained by Bloomberg News.
The departure was reported by the Wall Street Journal, which said Armine is moving to First Data, the payment processor run by former JPMorgan executive Frank Bisignano. He left JPMorgan last year when Chief Executive Officer Jamie Dimon named Zames sole chief operating officer at the bank. Bisignano hired JPMorgan’s former Chief Information Officer Guy Chiarello as president last year.
JPMorgan has clashed with regulators and law enforcement officials over accusations that it misled buyers of mortgage bonds, rigged markets and overlooked suspicious activity by clients. The company agreed last month to pay $2.6bn to settle allegations that it ignored signs of wrongdoing in Bernard Madoff’s Ponzi scheme.
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