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Co-COO Leaves JPMorgan

He becomes CEO at payment processor First Data Corp.


JPMorgan Chase JPMAnother high profile executive at JPMorgan Chase (NYSE:JPM) has left the company.

On Sunday, the bank announced that co-COO Frank Bisignano had stepped down. He becomes the ninth senior JPMorgan executive to leave the bank since last year’s “London Whale” trading losses, the Associated Press noted.

Why We Should Celebrate Today’s Selloffs in JPMorgan, Wells Fargo
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The departure leaves Matt Zames as JPMorgan’s only COO. Zames and Bisignano became co-COOs last year after the bank revealed that a rogue trader in its London office had piled up $6 billion in losses while trading derivatives.

Zames had formerly served as the bank’s chief investment officer in the wake of Ina Drew’s resignation. Drew was forced out after the size of the trading losses came to light.

JPMorgan and its CEO James Dimon were criticized by lawmakers in Washington D.C. for lapses in trading oversight that permitted the trading debacle.

On Monday, Bisignano started his new job as CEO of First Data Corp.

Shares of JPMorgan slipped slightly in Monday morning trading.

Article printed from InvestorPlace Media,

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