JPMorgan Promotes Zames to Co-COO, Gives Staley New Role
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JPMorgan Chase & Co., grappling with a $5.8 billion trading loss and a securities-industry slump, promoted Matt Zames to co-chief operating officer in a management shuffle that replaced the head of its investment bank.
Zames, 41, who was enlisted this year to staunch the loss in the firm’s chief investment office, will take the co-COO role alongside Frank Bisignano, the bank said yesterday in a statement. The overhaul catapults Zames, a former fixed-income trader, into the pool of potential successors to Chief Executive Officer Jamie Dimon. James “Jes” Staley, 55, who ran the investment bank, will relinquish daily operational duties as Mike Cavanagh and Daniel Pinto oversee an expanded version of the division.