JPMorgan co-COO Bisignano leaves to run First Data

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Associated Press

Posted on April 28, 2013 at 11:00 PM

Updated Sunday, Apr 28 at 11:03 PM

NEW YORK (AP) — JPMorgan Chase & Co. says one of its co-chief operating officers is leaving the company, marking the latest high-profile departure since the bank's massive trading loss last year.

The bank said Sunday that Frank Bisignano will be CEO of payment processor First Data Corp. Matt Zames, who was co-chief operating officer with Bisignano, will become the sole COO effective immediately.

Bisignano and Zames were named co-chief operating officers in a management reshuffle in July after JPMorgan Chase revealed a trading loss of about $6 billion. The massive loss became a focus of the risky bets taken at large banks and oversight of traders who make those bets.

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