JPMorgan Chase co-chief operating officer Frank Bisignano is leaving the financial institution and will become the new chief executive officer at First Data, the companies announced Sunday.
Bisignano earned a reputation as “Mr.-Fix It” during his time at JPMorgan for his work with the bank’s mortgage unit in 2011, according to the New York Times. According to the Times, while many of JPMorgan’s top officials saw their reputations tarnished in the aftermath of the outsize bets made by many in the bank’s investment office, Bisignano’s name remained unsullied.
JPMorgan is currently facing criminal inquiry about possibly misleading investors and regulators about botched trades, and is also under investigation by at least eight federal agencies. JPMorgan has seen more than $6.2 billion in trading loss since it first announced its troubles a little less than one year ago.
At First Data, Bisignano will shift from working for one of the US’ largest banks to its largest merchant acquirer. Reuters notes that the company handled 16.7 billion purchase transactions made with debit, credit or prepaid cards last year. First Data CEO Jon Judge retired from the company in January due to health reasons, and Ed Labry has been serving as interim CEO since. Labry will continue his role as president of Retail and Alliance Services.
“First Data has an impressive customer-centric business and I look forward to joining the team and building on our strong partnerships with customers,” Bisignano said in a statement. “New technological advances are impacting the payments industry every day, making life easier for our partners, our merchants and consumers. First Data can and should lead the way when it comes to offering the most innovative solutions and service.”
Bisignano arrives at First Data having spent the past eight years at JPMorgan, having joined as chief administrative officer in 2005. Before JPMorgan, Bisignano spent time at Citibank and First Fidelity Bank.
Matt Zanes, who shared duties as co-COO with Bisignano, will now assume all aspects of the role at JPMorgan. According to Reuters, Zanes is viewed by many as a potential successor to Dimon as JPMorgan’s top executive. Paul Compton will become JPMorgan’s chief administrative officer and report to Zanes.
Bisignano’s departure marks the further exodus of JPMorgan executives who serve in CEO Jamie Dimon’s closest circle, and helped to guide the bank through the 2008 financial crisis. The Times notes that other top-level executives such as Heidi Miller, James Staley, Bill Winters and Steve Black have also fled the company in the wake of its trading scandal.
Bisignano will begin his duties at First Data today, April 29.