JP Morgan’s COO Matthew Zames has decided to quit the banking group after a spell of 13 years.
Zames, who joined the group in 2004, served as co-COO of the bank till 2013 and then took up sole responsibility of the job. He previously held various other roles at the bank including CIO, and co-head of the global fixed income business.
He played a major role in cleaning up the bank’s London Whale debacle. He worked at Credit Suisse before joining JP Morgan.
At the same time, the bank also expanded the roles of its leadership team. CFO Marianne Lake will now manage the chief investment office/treasury, the office of regulatory affairs, the global director of regulatory relations, and oversight and controls, and corporate finance executives who earlier reported to Zames.
CEO of Corporate & Investment Bank Daniel Pinto and CEO of Consumer & Community Banking Gordon Smith have been tasked to manage global technology, the intelligent solutions group, and mortgage capital markets.
Asset Management CEO Mary Erdoes and Commercial Bank CEO Doug Petno will be responsible for managing COO global operations unit, global real estate, global security & investigations, military affairs, events planning, procurement and other general services.