The Next CEO of J.P. Morgan Is…
Matt Zames is a rock star at J.P. Morgan. The 42-year-old, who was just named the sole chief operating officer at J.P. Morgan, has been promoted three times in less than a year. He’s now the clear frontrunner to succeed Jamie Dimon when the 57-year-old chief decides to hang them up.
Zames was introduced as J.P. Morgan’s sole chief operating officer on Sunday. He had previously shared the role with co-COO Frank Bisignano, who is leaving the firm to become the CEO of First Data Corp. Previous to that, Zames took over J.P. Morgan’s tainted chief investment office following the $6.2 billion London Whale trading debacle. He’s been credited with improving the bank’s compliance and risk management infrastructure, which showed numerous cracks following the trading scandal.
However, before entering the corporate suite last year, Zames served as the co-head of global fixed income in the investment bank. His professional history is as a driver of non-lending revenue. He’s a risk taker who now moderates risk.
For this reason, Zames appears an ideal fit to eventually take the reins from Dimon. Beneath all the rhetoric, J.P. Morgan hasn’t changed its revenue-generating strategy much since the financial crisis. Look at the bank’s first quarter performance, when it booked stronger-than-expected corporate and investment bank income while continuing to rely more on risky derivatives trading than its rivals.
Trading assets and securities holdings still outpace J.P. Morgan’s loan book. It only makes sense to groom an executive like Zames for the top job.
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List of the Day: Cover Letters
Make sure your cover letter sports these three key aspects.
- A salutation. Find a name!
- An opening statement that references the job in question.
- A second graph that focuses on achievements, not responsibilities.