Key Executive Said to Be Leaving JPMorgan Chase
First Data Corporation, a payment processing firm is set to have a new chief executive . Frank J. Bisignano said in a statement, that he will be leaving JPMorgan Chase. The now former co-chief operating officer took office back in July of last year and had faced many challenges since. The nation’s largest trading losses at about $6.2 billion happened to JPMorgan Chase and his departure is set to be voluntary. I would not doubt it if this statistic played a role in his decision of leaving JPMorgan.
The bank is now facing many investigations regarding misleading information given to investors and could face potential legal trouble. Bisignano himself has already testified before court for his mistakes at the bank and his regrets might ultimately be the decision to why he has chosen to leave JPMorgan.
These negative publicity could have many negative effects in JPMorgan Chase and their shareholders could take a hit in the near future. As for now, Matthew Zames will take over as the Chief operating officer and he will hopefully pick up the slack that has been left behind.