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