Matt Zames Named Sole Chief Operating Officer of JPMorgan Chase

The FINANCIAL — JPMorgan Chase announced today that Matt Zames, co-Chief Operating Officer (COO) of the company, will become sole COO, effective immediately.

Frank Bisignano, co-Chief Operating Officer, is leaving the company to become Chief Executive Officer of First Data Corp., a global leader in payments processing.

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"I am pleased that Matt Zames is expanding his role," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. "He is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year. He'll continue to have an important impact on our company."

Mr. Dimon added: "I want to thank Frank Bisignano for outstanding service at our firm. I have worked with Frank for many years, and he has proven himself time and again as a highly talented executive willing to take on difficult challenges and get the job done. While we will all miss Frank, we congratulate him on his new role as CEO of First Data Corp., a valued client of ours."

Paul Compton, currently co-Chief Administrative Officer of the Corporate & Investment Bank and Deputy Head of Operations for JPMorgan Chase, will become Chief Administrative Officer (CAO) of JPMorgan Chase, reporting to Mr. Zames. Louis Rauchenberger, currently co-CAO with Mr. Compton of the Corporate & Investment Bank (CIB), will become sole CAO of the CIB. Mr. Rauchenberger will continue to report to the CEOs of CIB — Mike Cavanagh and Daniel Pinto.

Dimon added: "I'm very pleased that Paul Compton and Lou Rauchenberger are expanding their critically important roles. They are deeply experienced leaders who are highly respected inside and outside of our firm. We're fortunate to have such a talented team of executives."

Mr. Bisignano said, "I am deeply grateful to JPMorgan Chase and the leadership team here, which have offered me significant opportunities and experiences to help prepare me for my new role as CEO of First Data Corp. While I am sad to leave so many dear friends and colleagues here, I am excited about the future and look forward to being a client of the bank."