JPMorgan Shakes Up Management

Zames named co-COO, Cavanagh and Pinto co-CEOs of corporate and investment bank.

JPMorgan Chase & Co. promoted Matt Zames to co-chief operating officer alongside Frank Bisignano as the biggest U.S. bank shakes up its management following a $5.8 billion trading loss.

James “Jes” Staley, who was chief executive officer of JPMorgan’s investment bank, was moved out of daily operations and assigned the new position of chairman of the corporate and investment bank, the New York-based firm said today in a statement. Staley, 55, will transition “his current responsibilities to new leaders in the business,” JPMorgan said in the statement.

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