Bisignano, JPMorgan Chase senior executive, said to be leaving

April 28, 2013 at 4:12 PM

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.

Follow us on Facebook, Twitter, and Instagram for more news from UPI.com
Related UPI Stories
share with facebook
share with twitter
Trending Stories