News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow17164.95-251.9
Nasdaq4635.24-48.17
S&P 5001994.99-26.26
AEP62.81-0.91
Comcast53.145-0.725
GE23.89-0.19
ITT Exelis17.11-0.35
LNC49.98-1.5
Navistar29.42-0.92
Raytheon100.05-1.95
SDI17.040.105
Verizon45.71-0.4

Management shake-up at JPMorgan; Zames is COO

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Friday, July 27, 2012 - 10:38 am

NEW YORK – JPMorgan Chase has appointed Matt Zames and Frank Bisignano as co-chief operating officers in a broad reshuffling of top management at the bank.

It was most visible change yet at the nation’s largest bank, which is reeling from the fallout of a trading loss at one of its divisions that has ballooned to up to $5.8 billion from an initial estimate of $2 billion. The loss has prompted two congressional hearings and led to investigations from international regulators.

Zames’ appointment is a big step up for the 41-year-old executive into the top-most ranks at the bank. Until the trading loss announced in May, Zames was co-head of global fixed income at the investment bank. He was recently named to replace the chief investment officer who oversaw the division where the loss occurred.