The most intriguing take on Friday's management shakeup at JPMorgan, which saw Matthew Zames and Frank Bisignano named co-chief operating officers, came from the Financial Times' Tom Braithwaite, who wrote that they look to be part of a short list of possible successors. The reorganization of executives has Zames taking over the role Ina Drew left in May, at the top of the bank's chief investment office, which he's held in an acting position since she left. That's the office at the center of this year's major scandal, in which the so-called London Whale lost the bank billions, unbeknownst to management. We learned earlier this month that the losses were $5.8 billion this year. While there don't seem to be plans for CEO Jamie Dimon to leave anytime soon, FT's Braithwaite writes, "JPMorgan insiders believe four executives in their forties – Mr [Mike] Cavanagh, Mr [Matt] Zames, Mr [Daniel] Pinto and Mary Erdoes, chief executive of the asset management arm – are likely successors when Mr Dimon steps down." Friday's shakeup also creates the position of chairman of the corporate and investment bank, for former investment banking chief Jes Staley, and installs Daniel Pinto and Michael Cavanagh as co-chief executives of the corporate and investment bank.
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