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Bisignano, JPMorgan Chase senior executive, said to be leaving

April 28, 2013 at 4:12 PM   |   Comments

NEW YORK, April 28 (UPI) -- 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.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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