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JPMorgan Chase loses another top executive

April 29, 2013 at 6:20 PM   |   Comments

NEW YORK, April 29 (UPI) -- JPMorgan Chase's Frank Bisignano is the latest high-level executive to leave the U.S. financial giant, Chief Executive Officer James Dimon said.

The JPMorgan co-chief operating officer is resigning to become chief executive officer at First Data Corp., a payment processing firm. The bank said it was a voluntary resignation and sources close to the bank told The New York Times Bisignano's new job was a perfect fit.

Bisignano's reputation has not been tarnished by recent troubles at JPMorgan, including the more than $6.2 billion in trading losses announced by the bank last year that were traced to a derivatives trading office in London, the Times said.

"He is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year," Dimon said of Bisignano in a statement Sunday.

The losses at the bank are now under investigation by the Federal Deposit Insurance Corp., the Commodity Futures Trading Commission, the Securities and Exchange Commission and at least five other regulators, the Times said. In addition to the trading losses, the bank is being investigated for possibly failing to monitor and control money laundering activities.

Dimon, however, runs the bank with an inner circle of executives and since the losses became known, four other senior executives have left the bank.

Co-Chief Operating Officer Matthew Zames, will assume Bisignano's duties, Dimon said.

© 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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