JPMorgan Chase COO Matthew Zames will be stepping down from his role after 13 years, the bank announced on Thursday.
“While I am sad to see him leave, I respect his decision and all he has done for JPMorgan Chase,” JPMorgan Chairman and CEO Jamie Dimon said in a memo.
According to the New York Times, Zames is leaving to start his own business. “I have been in this business almost 25 years. I spent the vast majority of my time running businesses, driving things forward, facing off against clients, taking business risk. But at its core, look: I’ll be 47 in October. I want to get back to running the railroad — running my railroad, running my business. So it’s just a natural point,” Zames said in an interview.
Zames, 46, had a crucial role in guiding the bank during the financial crisis and is credited with raising suspicion over Bernie Madoff a year before his eventual arrest. Zames has long been assumed as a potential successor to Dimon, and the news of his stepping down has led to much speculation of who else may be in the running.
A clue as to the frontrunners may be found in who will be taking over his duties during the transition. According to a report filed with the Securities and Exchange Commission, Zames’ responsibilities will be split between Marianne Lake, CFO; Daniel Pinto, CEO of Corporate & Investment Banking; Gordon Smith, CEO of Consumer & Community Banking, Mary Erdoes, CEO of Asset Management; and Doug Petno, CEO of the Commercial Bank, as follows:
- Marianne Lake: Assuming responsibility for the Chief Investment Office/Treasury, the Office of Regulatory Affairs, the Global Director of Regulatory Relations, Oversight and Controls, and Corporate Finance
- Daniel Pinto and Gordon Smith: Assuming responsibility for Global Technology, the Intelligent Solutions group, and Mortgage Capital Markets
- Mary Erdoes and Doug Petno: Assuming responsibility of COO Global Operations unit, Global Real Estate, Global Security & Investigations, Military Affairs, Events Planning, Procurement, and other general services.
In addition to these restructurings, Corporate Strategy and Private Investments will now report directly to Dimon.