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JPMorgan's High-Level Promotion
June 5, 2012
[ by Melanie Gretchen ]
JPMorgan Chase promoted from within, appointing Paul Compton to deputy chief of operations, the bank announced earlier this week. Mr. Compton is currently chief administrative officer of the company's investment bank and heads its global service center in India. In his new role, Mr. Compton, 48, will will manage roughly half of JPMorgan's global operations after taking on new duties in corporate offices and in the commercial banking segment, according to an internal memo.
Responsibilities. As an operations chief, Mr. Compton will provide support for the bank's Chief Investment Office, which has saddled the bank with bad derivatives trades that could cost JPMorgan more than $3 billion. In addition, he will oversee back-office processing systems and provide logistical support to business executives who make strategic decisions about products and pricing.
Prior to joining JPMorgan 15 years ago, Mr. Compton was chief financial officer of the investment banking unit during the financial crisis. He also worked on overhauling technology for managing business credit risk.
For further details, go to [Reuters, 6/4/12].

