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Zames' star ascends in latest JPMorgan shakeup

A flag hangs on the wall of the JP Morgan company stall on the floor of the New York Stock Exchange in New York July 15, 2010. REUTERS/Lucas
A flag hangs on the wall of the JP Morgan company stall on the floor of the New York Stock Exchange in New York July 15, 2010. REUTERS/Lucas

By Richard Leong

NEW YORK (Reuters) - JPMorgan Chase & Co said on Sunday Matt Zames will fully assume the role of chief operating officer as his former partner in the job leaves, which was part of the latest management shakeup at the biggest U.S. bank.

Zames, who has been seen as a strong candidate to succeed the bank's Chief Executive and Chairman Jamie Dimon, had been co-chief operating officer with Frank Bisignano, the New York-based bank said in a statement.

In the latest move, Zames now has sole responsibility in another critical senior post at JPMorgan.

As well as being a co-chief operating officer, the 42-year old Zames has been its chief investment officer since May. The former hedge fund trader replaced Ina Drew - a three-decade veteran at the bank - who retired following a costly trading debacle.

Zames "is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year. He'll continue to have an important impact on our company," Dimon said in a statement.

As earlier reported by the Wall Street Journal, Bisignano will leave JPMorgan's senior ranks to head payroll processor First Data Corp . Bisignano played a major role in the bank's effort to get back on track after suffering a loss of more than $6 billion due to soured, risky bets.

Bisignano was the ninth executive to leave the bank's operating committee in the past 1-1/2 years, according to the paper.

First Data announced Bisignano's appointment as its chief executive officer effective Monday, after the Journal report.

Of Bisignano, Dimon said, "I have worked with Frank for many years, and he has proven himself time and again as a highly talented executive willing to take on difficult challenges and get the job done."

Other changes in the bank's latest management shuffle involved the co-chief administrative officers of corporate and investment banking, which have been held by Paul Compton and Louis Rauchenberger.

Compton will become the chief administrative officer of JPMorgan Chase and report to Zames, while Rauchenberger will become the sole chief administrative officer of corporate and investment banking, the bank said.

(Additional reporting by David Henry; Editing by Marguerita Choy)

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