Chief Advisor To US Treasury, Matthew E. Zames, Becomes JPMorgan’s Second Most Important Man

Chief Advisor To US Treasury, Matthew E. Zames, Becomes JPMorgan’s Second Most Important Man

From NYT:

A senior executive in the inner circle of JPMorgan Chase’s chief executive, Jamie Dimon, is leaving the nation’s largest bank, the latest chapter in management turnover after the bank’s multibillion-dollar trading loss.

The executive, Frank Bisignano, the co-chief operating officer, is expected to leave as early as this week, according to several people with knowledge of his decision. The trading losses at the bank have swelled to more than $6.2 billion since first disclosed almost a year ago.

With Mr. Bisignano’s departure, executives who once surrounded Mr. Dimon as he helped steer the bank through the 2008 financial crisis will be even thinner. Several other executives have already left, including Heidi Miller, James E. Staley, Bill Winters and Steve Black.

Mr. Bisignano will become chief executive of First Data Corporation, a payment processing firm, people with knowledge of the matter said. Matt Zames, who had shared the role of chief operating officer with Mr. Bisignano, is expected to take over all aspects of the job, according to people with knowledge of the decision, which they said, should make for a smooth transition.

Obviously, the rotation of the old guard at JPMorgan has started, and it is only a matter of time before Jamie Dimon says enough, and hands over full control of the company to the fascinating Mr. Zames.

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To summarize: the man who is the chief advisor to the US Treasury on its debt funding and issuance strategy was just promoted to the rank of second most important person at the biggest commercial bank in the US by assets (of which it was $2.5 trillion), and second biggest commercial bank in the world. And soon, Jamie willing, Matt is set for his final promotion, whereby he will run two very different enterprises: JPMorgan Chase and, indirectly, United States, Inc.

And that, ladies and gentlemen, is how you take over the world.

Much more here…


3 Responses to “Chief Advisor To US Treasury, Matthew E. Zames, Becomes JPMorgan’s Second Most Important Man”
  1. Jamie Dimon did not survive his reign of terror, and that is a big baby step for America. It appears he is bowing out gradualy but not gracefully, he is a tyrant. Sad thing is more tyrants step up to the plate. However perhaps Elizabeth Warren, Elijah Cummins and Sherod Brown and more will stop this reign of terror. Must be something going on to see this changing of the guard. Hopefully Jamie will spend time in a cell next to Madoff. Since Jamiie has madoff with so many wrongfully foreclosed homes. Causes so many suicides and deaths by stress and wrongfully homeless victims. This Vampire pirate needs to be put in a dungeon.

  2. talktotennessee says:

    Ignorance is bliss. As long as we did not realize the government was more aligned with big banking we thought ‘we the people’ had control. Disillusioning to realize we have NO control of anything with either party. So since we can do nothing to change the status quo, short of revolution, it would have been better had it not been revealed so graphically as losing our home value and/or home plus our IRAs, 401Ks trying to retain them. Not that I advocate lying down and letting the banks have their way with me, it is just the majority of people are still living in the same state of ‘ignorant bliss’ we who have lost everything no longer enjoy, that failure to comprehend the extent of our loss of government control and freedoms! Lest you think the GOP’s touting small government has the right answer, think again, this is frying pan to fire plutocracy taking more control from the people and giving it away to the banks, hence the current post reveals. Full circle, bank to government, government to bank-the circle of control

  3. Sarah says:

    There’s a reason Treasury bails out investment banks while 2 in 10 people are on food stamps and millions are tossed out of their homes. Revolving door meet fascism, this is what happens when the status quo is threatened.

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