On June 8, 2017, JPMorgan Chase & Co. (the “Firm”) announced that Matthew E. Zames, Chief Operating Officer, has decided to leave the Firm following thirteen years of outstanding service. Mr. Zames is working closely with the Firm to ensure a smooth transition of his responsibilities to other members of the Operating Committee and will continue to do so over the coming weeks. Specifically, the Firm has expanded the responsibility of certain of its Operating Committee members, as follows:
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Marianne Lake, Chief Financial Officer, will oversee the Chief Investment Office/Treasury, the Office of Regulatory Affairs, the Global Director of Regulatory Relations, and Oversight and Controls and will assume direct managerial responsibility for those Corporate Finance executives who previously reported to Mr. Zames.
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Daniel Pinto, CEO of Corporate & Investment Bank, and Gordon Smith, CEO of Consumer & Community Banking will jointly oversee Global Technology, the Intelligent Solutions group, and Mortgage Capital Markets.
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Mary Erdoes, CEO of Asset Management, and Doug Petno, CEO of the Commercial Bank, will jointly oversee the COO Global Operations unit, Global Real Estate, Global Security & Investigations, Military Affairs, Events Planning, Procurement and other General Services.
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Corporate Strategy and Private Investments will directly report to the Chairman and CEO, Jamie Dimon.
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The Firm has entered into an agreement with Mr. Zames (the “Agreement”) providing for a ninety-day garden leave, non-competition through February 1, 2018, non-solicitation of clients for one year following garden leave and non-solicitation/hire of employees for two years following garden leave. Subject to the terms of the Agreement, Mr. Zames will be deemed to qualify for full career eligibility for outstanding restricted share units and performance share units and entitled to a post-garden leave payment of $900,000, a discretionary payment of $4.625 million on February 1, 2018 and a discretionary payment of $4.5 million on February 1, 2019. The discretionary payments will be subject to the JPMorgan Chase Bonus Recoupment Policy and, to the extent set forth in the Agreement, Protection-Based Vesting, Recapture and Recovery provisions. The foregoing summary is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit No.
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Description of Exhibit
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10.1
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Agreement and Release between Matthew E. Zames and JPMorgan Chase & Co. dated June 8, 2017
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