PMorgan announced a "broad reshuffling" of its top management on Friday, including promoting Matt Zames to chief operating officer. Zames had taken over as chief investment officer to replace Ina Drew, who resigned in May after news broke that the division she oversaw was responsible for a $5.8 billion trading loss. Zames' promotion to COO is "being read on Wall Street as the clearest sign yet that he is being groomed to succeed [current CEO Jamie] Dimon." The management reorganization, which also appoints several co-CEOs to run different JPMorgan divisions, is the second round of top personnel changes since the loss, which has prompted two congressional hearings and led to investigations from international regulators.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Why ABC threw its Bachelor under the bus
- Time Warner Cable is raising your monthly rate again
- Why I'm sick and tired of seeing naked women on HBO
- Why Ted Cruz is the real-life Frank Underwood
- Why is the 'mor' in 'Voldemort' so evil-sounding?
- 2 proven ways to increase your willpower — courtesy of the Cookie Monster
- True Detective's dangerous lies about satanic ritual abuse
- Here's proof that Justin Bieber is just as spoiled as you always thought
- Here's how Iran is covering Russia's invasion of Crimea
- How do you weaponize a rabbit?
Subscribe to the Week