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JPMorgan reshuffles top management after massive trading loss
 
On the same day that JPMorgan Chase announced that its loss from a single trade had risen to nearly $6 billion, the bank's stock price rose 6 percent.
On the same day that JPMorgan Chase announced that its loss from a single trade had risen to nearly $6 billion, the bank's stock price rose 6 percent.
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JPMorgan 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. 

 

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