Top JP Morgan exec quits for payment firm

Tim Wallace
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A CLOSE ally of chief executive Jamie Dimon is leaving JP Morgan to head up payments firm First Data Corp, the giant investment bank announced yesterday.

Co-chief operating officer Frank Bisignano is leaving after almost eight years at the bank, where he joined in 2005 as chief administrative officer and worked his way up through the mortgage arm of the lender.

His departure leaves fellow co-COO Matt Zames to consolidate his position, taking over Bisignano’s share of their split role.

Jamie Dimon paid tribute to the leaving executive.

“I want to thank Frank Bisignano for outstanding service at our firm,” the chief executive said.

“I have worked with Frank for many years, and he has proven himself time and again as a highly talented executive willing to take on difficult challenges and get the job done.”