Magazine article American Banker

JPMorgan COO's Departure Narrows Field of Likely Dimon Successors

Magazine article American Banker

JPMorgan COO's Departure Narrows Field of Likely Dimon Successors

Article excerpt

Byline: Kristin Broughton

JPMorgan Chase said Thursday that Matt Zames is stepping down as chief operating officer, a move that narrows the list of potential successors for CEO Jamie Dimon.

Dimon announced the move in a company memo. No replacement was named; instead, the business units that reported to Zames -- JPMorgan's chief investment office, as well as global technology, operations and strategy -- have been reassigned to other executives.

Zames, a 13-year veteran of the company, will stay in his current role over the coming weeks to ensure a smooth transition, according to the memo. No information was provided about his next steps.

"Matt has worked tirelessly across many disciplines to help make us a better company," Dimon said. "We are extremely grateful for his efforts and appreciate his enormous contributions."

The resignation of Zames -- and the apparent elimination of the COO role -- could rekindle speculation heats about who will ultimately replace Dimon, 61, as the head of the company. Zames, 46, had been viewed as a potential successor.

Other candidates have included Mary Callahan Erdoes, CEO of the company's asset management division; Marianne Lake, the chief financial officer; Daniel Pinto, CEO of the corporate and investment bank; and Gordon Smith, CEO of the consumer and community bank.

Zames was named the sole COO at the company in 2013, following the resignation of Frank Bisignano, who became CEO of First Data. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.