Contender rises in JP Morgan's top ranks
Zames named sole chief operating officer after helping clean up US$6.2b London mess
JP Morgan Chase, the biggest bank in the United States, named Matt Zames sole chief operating officer as Frank Bisignano left to become the chief executive of First Data Corp.
"Zames is expanding his role," JP Morgan chairman and chief executive Jamie Dimon said in an internal memorandum.
Paul Compton, a co-chief administrative officer of the corporate and investment bank, will become the chief administrative officer and report to Zames, according to the notice.
Bisignano's exit buttresses Zames' stature as a potential successor to Dimon, 57. Zames, 42, was promoted twice within 100 days last year as he helped Dimon regain control of a British unit's wayward bets on credit derivatives that cost the bank more than US$6.2 billion.
Zames, who began last year as co-head of the fixed-income business, was named chief investment officer in May and co-chief operating officer in July.
Bisignano, 53, was due to begin his new job yesterday, said Chip Swearngan, a spokesman for First Data, the largest merchant acquirer in the US, helping retailers accept credit and debit-card payments.