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JPMorgan's co-operating chief to depart: WSJ

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

NEW YORK (Reuters) - JPMorgan's co-Chief Operating Officer Frank Bisignano plans to leave the U.S. bank giant, the latest top executive to depart in the past 1-1/2 years, the Wall Street Journal said its online edition on Sunday.

The departure is expected to be announced soon, the paper said, citing people close to the bank.

Matt Zames, current co-chief operating officer, will become COO of the firm, it said. Zames has been seen as a strong candidate to succeed JPMorgan Chief Executive and Chairman Jamie Dimon.

Bisignano is expected to announce as soon as Monday that he will join payment processing company First Data Corp as its chief executive, it added.

"The move leaves the giant New York bank without one of its fixers of operational problems at a time when the bank is wrestling with a number of regulatory headaches," it said.

JPMorgan suffered a loss of more than $6 billion due to soured trades. Regulators hit the bank in January with four enforcement actions requiring it to make a series of changes to risk management and anti-money-laundering systems.

(Reporting by Richard Leong; Editing by Marguerita Choy)

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