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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
JPMorgan Executive Exodus
There's nothing to indicate that Jamie Dimon will step down anytime soon as Chairman and CEO of JPMorgan, which has prompted several potential ‘heir apparents’ to walk away from the bank. Those departures represent a talent drain that most banks could ill afford. But not JPMorgan.
The reality is that Jamie Dimon, who’s been CEO since 2006, has “created a lot of very talented executives" – some of whom have the ability to run companies. But, according to Wall Street analyst Dick Bove, they are just not going to do it at JPMorgan.
Here are 6 high-priced executives who have left the bank - highlighted by TheStreet.com:
MATT ZAMES. Was COO who led the overhaul of the bank's chief investment office after the 2012 London Whale trading loss. Zames had been with JPMorgan for 13 years and was widely viewed as a potential successor to Dimon.
CHARLIE SCHARF. Was Consumer Bank Head, serving as CEO of payment processor Visa until he resigned in November 2016.
JES STALEY. Was former CEO of JPMorgan's investment bank until December 2015 to become CEO of Barclays. Staley had been with JPMorgan for 34 years.
MICHAEL CAVANAGH. Was CFO at JPMorgan when he left in early 2014. Cavanagh, who had been with JPMorgan for 14 years, led a task force that investigated the London Whale trading scandal.
BARRY ZUBROW. Was CRO (Chief Risk Officer) at JPMorgan during the 2008 financial meltdown when the company lost $2 billion and while the company was under federal investigation. Later that year, he became the company's head of corporate regulatory affairs, but he left the bank in November 2012.
BILL WINTERS. Was Co-Head of JPMorgan's investment bank until his ouster in 2009, after 25 years at the bank. In 2015, Winters took over as CEO of Standard Chartered.