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JPMorgan COO to resign


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JPMorgan COO to resign

JPMorgan Chase & Co. COO Matthew Zames is leaving the company.

Zames, who has spent 13 years with the company, was seen as a potential successor to CEO Jamie Dimon, will remain with JPMorgan in the coming weeks to aid in the transition of his duties.

CFO Marianne Lake will oversee the chief investment office/treasury, the office of regulatory affairs, the global director of regulatory relations, and oversight and controls. She will also assume management of the corporate finance executives who reported to Zames.

Corporate & Investment Bank CEO Daniel Pinto and Consumer & Community Banking CEO Gordon Smith will jointly oversee global technology, the intelligent solutions group and mortgage capital markets.

Asset Management CEO Mary Erdoes and Commercial Bank CEO Doug Petno will jointly oversee the COO global operations unit, global real estate, global security and investigations, military affairs, events planning, procurement, and other general services.

Zames entered the COO role amid a major leadership overhaul at the largest bank in the U.S. following its "London Whale" trading scandal. When CEO Jamie Dimon disclosed a cancer diagnosis in 2014, analysts pointed to Zames as a likely candidate for the top role should Dimon step down.

A memo to JPMorgan staff did not say why Zames was leaving nor if he will be replaced in the COO role, Bloomberg News reported.