JPMorgan Chase’s Matt Zames has been a standout at the bank during the last year.
In a press release yesterday, the bank announced that Zames, the current co-chief operating cofficer (COO), will take over the position entirely, effective immediately. The other co-COO Frank Bisignano is leaving to become the CEO of First Data Corp.
“I am pleased that Matt Zames is expanding his role,” JPMorgan CEO Jamie Dimon said in a release. “He is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year. He’ll continue to have an important impact on our company.”
Zames is considered a total rockstar at the bank.
Zames was the highest paid executive at JPMorgan getting $17 million ( $6.1 million and $9.2 million of restricted stock), Bloomberg News reported citing a proxy filing. He even took home more than Dimon.
According to Bloomberg News, JPMorgan’s board said Zames “demonstrated leadership and risk-management discipline.”
Zames was elevated to co-chief operating officer after serving a stint as the chief investment officer following the London Whale trading losses.
“Matt Zames is a world-class risk manager and executive — highly regarded for his judgment and integrity,” Dimon said in a statement when Zames was named CIO.
Before taking over as CIO after Ina Drew’s depature last May, Zames served as the co-head of global fixed income in the investment bank and the head of capital markets within the mortgage bank.
Zames, 42, has been considered a potential contender to succeed Dimon as CEO.
Zames was identified in federal bankruptcy court filing by Irvin Picard as the JPMorgan employee who warned a bank executive back in 2007 about Madoff’s returns speculating that it was a Ponzi scheme, according to a New York Times’ report.
Before joining JPMorgan in 2004, Zames worked as a managing director at Credit Suisse where he was the co-head of US Rated Trading. Prior to that, he was a trader at Long Term Capital Management INC — a hedge fund that failed in the late 1990s.
He’s a member of the MIT Sloan Finance Advisory Board, chairman of the U.S. Treasury Borrowing Advisory Committee and a member of the JPMorgan Investment Bank Management Committee.
He graduated from MIT Sloan School of Management with a bachelor’s degree in 1993.