JPMorgan Chase has promoted Matthew Zames and Frank Bisignano to co-chief operating officers, in a broad management reshuffling the bank announced on Friday.
Mr. Zames took over as head of the bank's chief investment office in May, succeeding Ina Drew, who left following trading losses at the unit that now total $5.8 billion. Mr. Bisignano had been running mortgage banking in addition to being the chief administrative officer of the company.
Jes Staley, the chief executive of the investment banking business, will become chairman of the corporate and investment bank, a new position. “In this role, he will head a group of senior executives who will work together to develop a view of what global banking will look like in the years ahead,†the bank said in a statement. He will continue to serve on the bank's operating committee.
Michael Cavanagh, the head of treasury and securities services, and Daniel Pinto, head of the European, Middle East and Afric a business and global fixed income, will become co-chief executives of the corporate and investment bank
“Today's appointments are a natural step in aligning our businesses more closely to make our company even stronger,†Jamie Dimon, the chairman and chief executive of JPMorgan, said in a statement.
