JPMorgan COO Matt Zames Is Leaving The Bank, Takes $48 Million Exit Package

Jon Economy

In what is the biggest financial news of the day, with “Triple Threat Thursday” now downgraded to Single, outlook negative, moments ago Bloomberg reported that JPM COO, and former chair of perhaps the most important advisory committee at the US Treasury, the TBAC, or Treasury Borrowing Advisory Committee, Matt Zames who was viewed as a potential successor to CEO Jamie Dimon, is leaving after 13 years at the bank.
‘Matt has worked tirelessly across many disciplines to help make us a better company,’ Dimon, 61, said Thursday in a memo to staff.
Zames, 46, will remain at the New York-based bank to help with the transition. Zames’ TBAC farewell letter can be found here.
Furthermore, as Reuters adds, Zames will effectively be paid over $9 million for a one year “garden leave.”

This post was published at Zero Hedge on Jun 8, 2017.