Top offices in JPMorgan Chase & Co. (NYSE:JPM) will now change hands after Jamie Dimon, the bank CEO, made clear his intentions of shaking up his top personnel, amid pressure to come up with a good planning strategy.
Dimon is reducing the bank’s overall size from 6 business lines to 4 business lines. As part of his efforts to come up with a good planning strategy, he will change the roles of some of the key personalities in the top level management. Interestingly, some of the shakeups will lead to better internal and external profiles for some of J.P Morgan’s top personnel.
Amid the action, two of his veteran executives will get chairperson roles. Of the two, one will get an immediate promotion while the other will have to wait for a year.
Here is a roundup of some of the personalities that have caused a stir
Mathew Zames. This 41 year old decision maker seems to be moving up the ladder with the wake of each day. Only recently given authority to head J.P. Morgan’s Chief investment Office, the ambitious executive now assumes the role of Co-Chief Operating Officer. He will maintain some of his earlier roles, while at the same time taking control of finance and regulatory affairs.
Frank Bisignano. He will be spearheading the bank’s operations in the technological field, where he will handle issues such as security. The 52 year old has been done a good job in cleaning the bank’s mortgage operations for the last year. He now assumes the role of COO.
In an interesting twist of events, Dimon has combined some of J.P. Morgan’s business lines to come up with an all-inclusive business line, which extends varied services for consumers. This new business line combines treasury and security services, global corporate banking and investment banking. .
Daniel Pinto: He now joins Dimon’s prestigious inner circle dubbed the ‘operating committee’. Pinto will be acting as a top advisor to Dimon. The 49 year old, who was previously manning operations in the Middle East, Africa, and Europe, will now center his attention on advisory services. Notwithstanding, he will remain stationed at London to provide oversight of the markets.
Mike Cavanagh. This 46 year old has been synonymous with his role as CFO and Head of Treasuries and Securities services. He questionably, now has one of the biggest roles in J.P. Morgan, as he assumes the prestigious mantle of Co-CEO among other colleagues.
Jes Staley. Although deemed to be a less likely successor because of his age. The 56 year old will act as the chairman of the new line. He will still maintain his role at the operating committee.
The Consumer side will also be under some changes, as Gordon Smith will assume the position of co-CEO in cards operations, where he will be dutifully assisted by Todd Maclin, a long serving boss of the lending service. Smith will ultimately take control of mortgage, while Maclin still has the opportunity to move up to chairman at the fall of next year.