A key JPMorgan Chase executive, Frank Bisignano, the co-chief operating officer,
is leaving the United States' largest bank, bank officials said.
The move is the latest in management turnover after a multibillion-dollar
trading loss, The New York Times reported Sunday.
Bisignano is expected to leave as early as this week. JPMorgan Chase has
suffered trading losses of more than $6.2 billion since they were first
disclosed nearly a year ago, the Times reported.
Bisignano will become chief executive of payment processing firm First Data
Corp., the Times reported.
Matt Zames, Bisignano's co-chief operation officer, is expected to take over all
aspects of the job, which people close to the matter said should make for a
smooth transition.
Bisignano was promoted to co-chief operating officer in July as part of a broad
management reorganization.
Bisignano established a reputation at JPMorgan as a sort of Mr. Fix-It, and his
reputation had not been sullied by the outsized bets made by traders in the
bank's chief investment office.
