Daily News: July 31, 2012

Bloomberg: JPMorgan Promotes Zames to Co-COO

JPMorgan Chase has promoted Matt Zames to co-chief operating officer, a Bloomberg/BusinessWeek article said. He will take the role with Frank Bisignano.

The promotion comes amid an management reorganization that replaced the head of the company’s investment bank, the article said. Zames was hired, the article added, to “staunch the loss in the firm’s chief investment office.”

James (Jes) Staley, who previously ran the investment bank, stepped down from that role to become chairman of a unit that combines the investment bank, treasury and securities services and the global corporate bank. Mike Cavanagh and Daniel Pinto will oversee “an expanded version of the division,” the article noted.

To read the Bloomberg/BusinessWeek article in its entirety, click here.