<p><img class="float_right" src="http://static1.businessinsider.com/image/4ae8a30700000000006fcc29-400-300/jpmorgan-chase323.jpg" border="0" alt="jpmorgan jpm dimon chase jp morgan" /><keyword id="111830" type="CITY" weightage="60" keywordseo="JPMorgan-Chase">JPMorgan Chase</keyword>'s <keyword id="1052886" type="PERSON" weightage="60" keywordseo="Matt-Zames">Matt Zames</keyword> has been a standout at the bank during the last year.</p>
<p><a href="http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=759916">In a press release yesterday,</a> the bank announced that Zames, the current co-chief operating officer (COO), will take over the position entirely, effective immediately. The other co-COO Frank Bisignano is leaving to become the CEO of First Data Corp.</p>
<p>"I am pleased that Matt Zames is expanding his role," JPMorgan CEO <keyword id="153519" type="PERSON" weightage="60" keywordseo="Jamie-Dimon">Jamie Dimon</keyword> said in a release. <strong>"He is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year. He'll continue to have an important impact on our company."</strong></p>
<p>Zames is considered a total rockstar at the bank.</p>
<p>Zames was the highest paid executive at JPMorgan getting $17 million (<span> $6.1 million and $9.2 million of restricted stock)</span>, <a href="http://www.bloomberg.com/news/2013-03-22/dimon-should-remain-chairman-ceo-of-jpmorgan-bank-s-board-says.html">Bloomberg News reported citing a proxy filing.</a>  He even took home more than Dimon.</p>
<p>According to Bloomberg News, JPMorgan's board said Zames "demonstrated leadership and risk-management discipline." </p>
<p>Zames was elevated to co-chief operating officer after serving a stint as the chief investment officer following the London Whale trading losses. </p>
<p><span>"Matt Zames is a world-class risk manager and executive — highly regarded for his judgment and integrity," </span><a href="http://www.businessinsider.com/jp-morgan-names-matt-zames-new-cio-ina-drew-out-2012-5">Dimon said in a statement when Zames was named CIO.</a><span></span></p>
<p><a href="http://www.businessinsider.com/jp-morgan-names-matt-zames-new-cio-ina-drew-out-2012-5">Before taking over as CIO after Ina Drew's depature</a> last May, Zames served as the co-head of global fixed income in the investment bank and the head of capital markets within the mortgage bank.  </p>
<p>Zames, 42, has been <a href="http://www.businessinsider.com/jes-staley-matt-zames-daniel-pinto-2011-6">considered a potential contender to succeed Dimon</a> as CEO. </p>
<p>Zames was also identified in federal bankruptcy court filing by Irvin Picard as the JPMorgan employee <a href="http://www.nytimes.com/2011/04/15/business/15madoff.html?_r=2">who warned a bank executive back in 2007 about Madoff's returns speculating that it was a Ponzi scheme</a>, according to a <em>New York Times' </em>report. </p>
<p>Before joining JPMorgan in 2004, Zames worked as a managing director at Credit Suisse where he was the co-head of US Rated Trading.  Prior to that, he was a trader at Long Term Capital Management INC -- <a href="http://en.wikipedia.org/wiki/Long-Term_Capital_Management">a hedge fund that failed in the late 1990s</a>.</p>
<p>He's a member of the MIT Sloan Finance Advisory Board, chairman of the U.S. Treasury Borrowing Advisory Committee and a member of the JPMorgan Investment Bank Management Committee.</p>
<p>He graduated from MIT Sloan School of Management with a bachelor's degree in 1993.</p>

The Hottest, Highest-Paid Executive At JPMorgan Just Moved One Step Closer To Replacing Jamie Dimon

<p>Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:</p><ul><li>Five investment banking analysts gave us an <a href="https://www.businessinsider.com/junior-investment-bankers-confessions-own-words-goldman-credit-suisse-bmo-2021-3">inside look</a> at their typical workday </li><li>Everything we know about the <a href="https://www.businessinsider.com/jonathan-soros-spinning-off-boulder-hill-pm-john-holloway-fund-launch-2021-3">new hedge fund</a> being spun out of Jonathan Soros' family office by John Holloway</li><li>From Citi to Goldman Sachs to Pimco, we have a rundown of the past week's <a href="https://www.businessinsider.com/wall-street-people-move-hires-exits-jpmorgan-citigroup-balyasny-ark-2021-3">big hires, exits, and promotions</a></li></ul><p><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a></p><p>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. </p><hr /><h3><a href="https://www.businessinsider.com/junior-investment-bankers-confessions-own-words-goldman-credit-suisse-bmo-2021-3">Confessions of Wall Street's burned-out junior bankers: 5 current and former analysts from firms like Goldman Sachs and Credit Suisse explain their daily schedules</a></h3><p><a href="https://www.businessinsider.com/junior-investment-bankers-confessions-own-words-goldman-credit-suisse-bmo-2021-3"><div type="image" title="wall street trader sad" height="2000" width="2666" msid="81745425" hostid="261"></div></a></p><p>There's been a lot of talk about the burnout amongst junior bankers. So we asked five current and former analysts to share their perspective.</p><p>Here's what the past year has been like for junior bankers, in their own words. </p><p><a href="https://www.businessinsider.com/junior-investment-bankers-confessions-own-words-goldman-credit-suisse-bmo-2021-3">Click here to read the entire story.</a></p><hr /><h3><a href="https://www.businessinsider.com/jonathan-soros-spinning-off-boulder-hill-pm-john-holloway-fund-launch-2021-3">Jonathan Soros' family office is spinning out a quant fund from portfolio manager John Holloway, and it hopes to launch with more than $1.5 billion.</a></h3><h2><a href="https://www.businessinsider.com/jonathan-soros-spinning-off-boulder-hill-pm-john-holloway-fund-launch-2021-3"><div type="image" title="jonathan soros" height="975" width="1300" msid="81745426" hostid="261"></div></a></h2><p>After three years working for the Soros' family office, Holloway is spinning off a hedge fund called Boulder Hill. If he's able to raise his target assets under management, this could be one of the biggest fund debuts this year. <a href="https://www.businessinsider.com/jonathan-soros-spinning-off-boulder-hill-pm-john-holloway-fund-launch-2021-3">Here's what we know so far.</a></p><hr /><h3><a href="https://www.businessinsider.com/wall-street-people-move-hires-exits-jpmorgan-citigroup-balyasny-ark-2021-3">Wall Street people moves: Promotions, exits, and hires at firms like JPMorgan Chase, Citigroup, and ARK</a></h3><p><a href="https://www.businessinsider.com/wall-street-people-move-hires-exits-jpmorgan-citigroup-balyasny-ark-2021-3"><div type="image" title="Jennifer Roberts JPMorgan" height="1125" width="1500" msid="81745427" hostid="261"></div></a></p><p>JPMorgan Chase named Jennifer Roberts the bank's next consumer banking chief. Matt Zames exits Cerberus Capital Management. Erika Irish Brown leaves Goldman to join Citigroup. <a href="https://www.businessinsider.com/wall-street-people-move-hires-exits-jpmorgan-citigroup-balyasny-ark-2021-3">See all the top people moves of the week.</a> </p><hr /><h3><a href="https://www.businessinsider.com/whistleblower-lawsuits-false-claims-act-payout-settlement-tipsters-federal-agency-2021-3">An inside look at the crazy world of whistleblower lawsuits</a></h3><div type="image" title="whistleblower lawsuits 2x1" height="1250" width="2500" msid="81745428" hostid="261"></div><p>An anonymous tip led to a hedge-fund billionaire's $105 million tax-evasion settlement this month. Getting a whistleblowing payout isn't easy. It can be a stressful job and can take years of quietly waiting. <a href="https://www.businessinsider.com/whistleblower-lawsuits-false-claims-act-payout-settlement-tipsters-federal-agency-2021-3">Find out more here</a>.</p><hr /><h3><a href="https://www.businessinsider.com/max-levchin-affirm-bnpl-prediction-consumer-spending-2021-wedding-travel-2021-3">From wedding dresses to vacation rentals, here's 5 areas where Affirm CEO Max Levchin expects consumer spending to rebound </a></h3><h2><div type="image" title="Tlumum mexico traveler tourist" height="498" width="997" msid="81745429" hostid="261"></div></h2><p>The CEO of buy now, pay later fintech Affirm told us where he's expected the biggest jumps in consumer spending. <a href="https://www.businessinsider.com/jpmorgan-global-expansion-hiring-push-commercial-bank-investment-banking-2021-1">Read more here</a>.</p><hr /><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.businessinsider.com/barrys-bootcamp-ceo-reveals-how-the-company-beat-pandemic-slump-2021-3">Barry's Bootcamp CEO dishes on his company's first foray into outdoor classes and virtual fitness during the pandemic (Insider)</a></p><p><a href="https://www.businessinsider.com/crypto-investing-grayscale-research-director-breaks-down-new-trusts-opportunities-2021-3">The research director at Grayscale, the world's largest crypto asset manager, breaks down 5 digital tokens other than bitcoin and ethereum that he is newly tracking (Insider) </a></p><p><a href="https://www.businessinsider.com/luxury-power-bathrooms-it-item-wealthy-home-owners-2021-3">Obscenely priced 'power bathrooms' the size of master bedrooms are the new 'it' item for wealthy home owners (Insider) </a></p><p><a href="https://www.businessinsider.com/wework-spac-bowx-merger-public-2021-3">WeWork has agreed to go public via a SPAC merger. The deal values it at $9 billion, less than a quarter of its 2019 valuation. (Insider)</a></p>

Confessions of burned-out junior bankers - Jonathan Soros' new hedge fund - Wall Street moves of the week

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5ad8d1591b60b466008b48f2-2000/rtseywo.jpg" border="0" alt="Christian Sewing" data-mce-source="Reuters/Kai Pfaffenbach" data-mce-caption="Deutsche Bank CEO Christian Sewing" /><p class="source"><span>Reuters/Kai Pfaffenbach</span></p><p class="caption">Deutsche Bank CEO Christian Sewing</p></div><p></p></div></div></p><ul class="summary-list"><li>Deutsche Bank has reportedly considered shutting down its equities business, the Wall Street Journal reported.</li><li>The bank's internal calculations suggest the business lost $750 million last year, according to the newspaper. </li><li>Hedge fund manager and Deutsche Bank investor Douglas Braunstein has pushed the German lender to shutter the business, the newspaper said. </li></ul><p><a href="https://www.businessinsider.com/deutsche-banks-malaise-goes-deeper-than-its-tumbling-share-price-2019-2">Beleaguered banking giant Deutsche Bank </a>has reportedly considered closing its equities trading business, according to the Wall Street Journal. </p><p>The bank estimates that the business lost as much as $750 million in 2018, the newspaper reported, citing internal estimates. The details were buried in a profile of Matt Zames, the Cerberus executive who has been advising Deutsche Bank on behalf of the private-equity firm's 3% stake. </p><p>The German lender is battling for survival after years of restructurings have failed to convince clients and investors <a href="https://www.businessinsider.com/deutsche-bank-lost-16-billion-on-bond-trade-2019-2">that the bank can overcome a series of self-inflicted wounds</a>. Last month, the bank reported a worse-than-expected fourth quarter loss and exhibited weakness in its investment banking operations. </p><p>CEO Christian Sewing is having to juggle the bank's existential threat with demands from a host of investors. In addition to Cerberus, Hudson Executive Capital has disclosed a 3.1% stake. Hudson Executive's Doug Braunstein has pushed Deutsche Bank to shutter the equities business, according to the newspaper.</p><p>Braunstein and Zames worked together at JPMorgan, where the latter executive helped clean up the bank's London Whale trade. With Zames' help, Braunstein considered an investment in Deutsche Bank in 2017 before ultimately deciding against it, the newspaper said. Zames later joined Cerberus.</p><p>In November, Braunstein disclosed his stake, saying that Zames' role gave him confidence. </p><p>Deutsche Bank's equities business has been a focus of hiring. In November 2017, the German lender brought on former Goldman Sachs partner Peter Selman to run the business globally.</p><p>Revenue was roughly flat in the fourth quarter compared to the prior year, while full year revenue of 1.96 billion Euros was a decline of 12%. Through the first half of last year, the business ranked in the third tier of banks in the business, according to data provider Coalition Ltd.  </p><p><strong>Read more</strong></p><ul><li><a href="https://www.businessinsider.com/jpmorgan-is-building-a-cloud-engineering-hub-in-seattle-2019-2" data-read-more-link="" data-e2e-name="read-more-link">JPMorgan is building a cloud engineering hub in Seattle minutes away from Amazon and Microsoft, and it's planning to hire 50 staffers this year</a></li><li><a href="https://www.businessinsider.com/harley-marine-esoteric-abs-deal-2019-1" data-read-more-link="" data-e2e-name="read-more-link">Pimco and DoubleLine Capital are players in a tug-boat investment gone bad - and their struggles highlight the dark side of credit markets</a></li><li><a href="https://www.businessinsider.com/morgan-stanley-and-goldman-compete-in-wealth-management-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Human resources is the next battleground for Wall Street wealth advisers as Morgan Stanley and Goldman Sachs jockey over new turf</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/vitalik-buterin-created-ethereum-one-of-the-worlds-three-largest-cryptocurrencies-2019-1">Vitalik Buterin created one of the world's largest cryptocurrencies in his early twenties - here's how he did it and why</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/MjlwQRHa-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Deutsche Bank has reportedly considered closing its equities-trading unit after hundreds of millions in losses

<img src="https://static-ssl.businessinsider.com/image/564a08ff11231419008b56ab-411/matt zames.jpg" alt="Matt Zames" /><p class="source"><span><a href="http://vets.syr.edu/ivmf_people/matt-zames/">Syr.edu</a></span></p><p class="caption">Zames was COO of JPMorgan.</p>JPMorgan Chase Chief Operating Officer Matt Zames will leave the bank in a matter of weeks, and his duties are being transferred to a number of other senior executives, Chief Executive Jamie Dimon said in an internal memo seen by Reuters on Thursday.<p>Dimon did not provide a reason for Zames's departure but thanked him for his 13 years with the bank and said he was sad to see him go.</p><p>"<span>Matt has worked tirelessly across many disciplines to help make us a better company. We are extremely grateful for his efforts and appreciate his enormous contributions," Dimon wrote in the memo.</span></p><p>Zames, 46, was among several deputies considered a <a href="http://www.businessinsider.com/jpmorgan-coo-matt-zames-2013-4">potential successor to Dimon</a>.</p><p>He was <a href="http://www.businessinsider.com/jp-morgan-names-matt-zames-new-cio-ina-drew-out-2012-5">named JPMorgan's chief investment officer</a> in 2012 in the wake of the London Whale trading fiasco. Shortly after he was promoted to co-COO, and by 2013 he won the job outright. </p><p>Before joining JPMorgan in 2004, Zames worked as a managing director at Credit Suisse where he was the co-head of US Rated Trading. Prior to that, he was a trader at Long Term Capital Management INC - <a href="http://en.wikipedia.org/wiki/Long-Term_Capital_Management">a hedge fund that failed in the late 1990s</a>.</p><p>(Reporting by Dan Freed; Writing by Lauren Tara LaCapra and Jonathan Oatis)</p>

JPMorgan's COO is leaving the bank

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59d78a02351ccf0b078b702c-910/gettyimages-453531334.jpg" alt="JPMorgan" data-mce-source="Getty/Andrew Burton" /><p class="source"><span>Getty/Andrew Burton</span></p><p class="caption">Samik Chandarana (not pictured) just landed a big promotion.</p></div><p></p></div></div>JPMorgan is making good on its promise to deploy nascent technology throughout its investment bank with the promotion of a former credit trader. </p><p>The Wall Street giant has named Samik Chandarana, an 18-year veteran at the bank, as head of analytics and data science for the corporate and investment bank, a newly created position according to an internal memo seen by Business Insider. The news was first reported by <a href="https://mail.google.com/mail/u/0/#inbox/15ef1debe21da946?compose=15eee53376a95134">Bloomberg News' Hugh Son</a>. </p><p>Chandarana will be responsible for heading the bank's strategy to deploy machine learning and data-based solutions throughout the corporate and investment bank, according to the memo penned by Sanoke Viswanathan, head of the chief administration office for CIB. To that end, Chandarana will collaborate within specific units to "develop cohesive data science strategy, coordinate and help prioritize the portfolio of projects, and develop a framework for the appropriate sourcing and usage of data across businesses."</p><p>Chandarana is set to report to Viswanathan, according to a JPMorgan spokesperson.</p><p>JPMorgan, which spent $9.5 billion on technology in 2016, <a href="http://www.businessinsider.com/jpmorgan-using-machine-learning-in-investment-banking-2017-4">has taken a number of steps to digitize its investment bank</a>, an area of banking that because of its client-facing nature was long thought to be impervious to the technological transformation sweeping much of Wall Street. </p><p>Machine learning and AI technologies, at a very basic level, replicate human intellectual capabilities. </p><p><span>Last</span><span> year, the bank launched a predictive recommendation engine to identify those clients which should issue or sell equity. And now, given the initial success of the engine, it's being rolled out to other areas.</span></p><p><span>Firm-wide, JPMorgan is upping the ante on tech, according to former COO Matt Zames.  </span></p><p>"We are initiating pilots for a broad range of machine learning use cases - from detecting anomalies for fraud and cybersecurity, to generating targeted trading strategies to share with clients, to optimizing our client servicing channels," Zames said in an <a href="https://www.jpmorganchase.com/corporate/investor-relations/document/2016-annualreport.pdf">April note</a> outlining the <a href="http://www.businessinsider.com/jpmorgan-annual-report-on-tech-2017-4">bank's tech strategy</a>. "We are only at the very beginning of tapping the potential capabilities of machine learning and its benefits to our business."</p><p>Zames announced he would be leaving the bank in June. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ray-dalio-bridgewater-bitcoin-price-speculative-bubble-2017-9">RAY DALIO: Bitcoin is a speculative bubble</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/HJgohoyn-xjRU7l6Z.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

JPMorgan created a new position to unleash emerging technology onto its investment bank

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58e3d4e177bb701a008b62ed-411/undefined" alt="Matt Zames" data-mce-source="Syr.edu" data-mce-caption="Zames is COO of JPMorgan." data-link="http://vets.syr.edu/ivmf_people/matt-zames/"><p class="source"><span><a href="http://vets.syr.edu/ivmf_people/matt-zames/">Syr.edu</a></span></p><p class="caption">Zames is COO of JPMorgan.</p></img></div><p></p></div></div>JPMorgan chief operating officer Matt Zames is setting his sights on Silicon Valley.</p><p>In a letter titled "Redefing the Financial Services Industry" in <a href="https://www.jpmorganchase.com/corporate/investor-relations/document/2016-annualreport.pdf">JPMorgan's 328-page letter to shareholders</a>, Zames ran through the bank's tech strategy.</p><p>Zames said attracting tech talent from Silicon Valley and technology firms is an integral component to that strategy. The letter said:</p><p style="padding-left: 30px;">"Attracting, retaining and developing top technology talent is paramount, and we cast a net far and wide to find the best and the brightest. In 2016, 32% of our senior hires in technology came from non-financial services firms. We had a 10:1 applicant-toposition ratio for our Technology Analyst Program, which targets graduates of global universities that have strong technology programs."</p><p>The bank spends more than $9.5 billion on technology, according to the letter, with an increasing percentage of that budget going on new investments and innovation.</p><p> </p><p>"Our strategy is a combination of build, buy and partner in order to continue delivering the best digital products and services at scale," Zames said. "Our relationships with the external technology ecosystem helped drive value across our technology focus areas, including next-generation data and analytics platforms, such as Hadoop and Spark."</p><p>Zames highlighted a number of fields such as machine learning and robotics in which the bank made huge inroads with new initiatives.</p><p> </p><p>Here are some of the highlights from the letter (emphasis added):</p><p><strong>New design standards</strong></p><ul><li>"We are also defining design standards to provide a common technical framework for development of applications of a particular type, for example, big data analytics. This will significantly reduce rework and duplication in the software development life cycle where, previously, application developers have had to create their own one-off frameworks."</li></ul><p><strong>A new private cloud</strong></p><ul><li>"In 2016, we launched a new private cloud platform called Gaia, designed to provide developers with rapid agility - so that they spend more time developing and less time provisioning infrastructure and application services. Over 5,000 developers already have begun to use Gaia. By the end of 2017, we expect to more than double the number of applications hosted on the platform."</li></ul><p><strong>New global data center strategy</strong></p><ul><li>"In 2016, we invested in a new global data center strategy to consolidate our existing facilities into fewer, larger, more modular sites. In early 2017, we opened our first new state-of-the-art data center, which is the strategic model for all future builds globally."</li></ul><p><strong>New Market Risk platform</strong></p><ul><li>"Last year, we re-engineered our Market Risk platform, one of the largest in-memory risk analytics platforms in the world. The platform now manages over 1 billion risk sensitivities and provides visibility 17 times faster than the prior system while delivering a more granular and holistic view of the firm's risk exposure."</li></ul><p><strong>Robotics</strong></p><ul><li>"We established an internal center of excellence to drive best practices around a growing pipeline of robotic process automation, including systems access administration, for which we expect to automate 1.7 million requests in 2017. We have line of sight into more than $30 million run rate saves from robotic process automation in 2017, a savings that, coupled with other optimization efforts, will continue to increase substantially in the years to come."</li></ul><p><strong>Machine learning</strong></p><ul><li>"We are initiating pilots for a broad range of machine learning use cases - from detecting anomalies for fraud and cybersecurity, to generating targeted trading strategies to share with clients, to optimizing our clientservicing channels. We are only at the very beginning of tapping the potential capabilities of machine learning and its benefits to our business."</li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tax-state-local-income-federal-sales-property-return-refund-credit-2017-3">These are the states you should live in to pay the least taxes</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FrdGtiYTE6B0BUnwtYMggVyClJkrK5hW" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'FrdGtiYTE6B0BUnwtYMggVyClJkrK5hW',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

JPMorgan is targeting Silicon Valley

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/59960fb85124c90959973911-800/deutsche-bank-bank-of-america-settle-agency-bond-rigging-lawsuits-2017-8.jpg" border="0" alt="FILE PHOTO: A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo" data-mce-source="Thomson Reuters" data-mce-caption="FILE PHOTO: A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt" /><p class="source"><span>Thomson Reuters</span></p><p class="caption">A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt</p></div><p></p></div></div></p><ul><li><strong>Wall Street analysts are increasingly bearish on <a href="https://markets.businessinsider.com/stocks/deutsche_bank-stock">Deutsche Bank</a>.</strong></li><li><strong>Of the 32 analysts that cover the bank, only one has a "buy" rating.</strong></li><li><strong>Deutsche Bank investor Cerberus is now a paid adviser to the lender.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/deutsche_bank-stock">Watch Deutsche Bank trade live</a>.</strong></li></ul><hr /><p>Wall Street analysts are increasingly bearish on Deutsche Bank, with 31 of the 32 analysts covering the company not suggesting to buy the stock. In fact, 18 say "sell," 13 say "hold," and just one says "buy." The lone analyst recommending the stock, Neil Smith of Bankhaus Lampe, does not have a single "sell" rating on any of the 14 companies in his coverage universe.</p><p>Deutsche Bank has come under intense pressure as of late, with its shares down 42% over the past 12 months. The German lender has been <a href="https://www.businessinsider.com/deutsche-bank-earnings-miss-targets-shares-down-48-in-12-months-2019-2">struggling to reduce costs</a> after widely missing analysts' earnings expectations for 2018. Should its restructuring efforts fail, there have been reports the <a href="https://www.businessinsider.com/deutsche-bank-shares-commerzbanks-merger-plans-2018-12">German government could orchestrate a merger</a> between Deutsche Bank and rival Commerzbank.</p><p>In addition to reigning in costs, DB is dealing with a number of issues including <a href="https://www.wsj.com/articles/deutsche-bank-lost-1-6-billion-on-a-bond-bet-11550691086">a $1.6 billion loss on a municipal bond trade</a>, <a href="https://finance.yahoo.com/news/deutsche-bank-funding-costs-show-132036444.html">increased funding costs</a>, and a host of legal challenges. The company has <a href="https://www.bloomberg.com/news/articles/2018-11-29/deutsche-bank-s-legal-troubles-just-don-t-seem-to-end-timeline">paid more than $18 billion in legal fines</a> over the past decade, an amount on par with its current market capitalization of $18.9 billion.</p><p>Cerberus Capital Management and Hudson Executive Capital have been <a href="https://www.bloomberg.com/news/articles/2018-11-01/activist-fund-hudson-takes-deutsche-bank-stake-after-share-slump">betting big on the stock</a>. They both have amassed stakes of around 3%, amounting to investments in the hundreds of millions of dollars. Significant shareholders also include the Qatari royal family and BlackRock. </p><p>"My investment is based on my belief that Deutsche Bank now has the right guy in the right job at the right time," Doug Braunstein, head of Hudson Executive Capital and former JPMorgan CFO, <a href="https://www.americanbanker.com/articles/ex-jpmorgan-cfo-braunstein-now-activist-bets-big-on-deutsche-bank">told American Banker</a>. "Christian has a background and a reputation, and a very good one, as saying something and doing what he says and hitting what he says."</p><p>Meanwhile, Cerberus has been stepping up its involvement in the bank's operations, with the private-equity giant now acting as a paid adviser to Deutsche Bank alongside its roles as an investor and banking client. The Wall Street Journal says that Matt Zames, former JPMorgan COO and current president of Cerberus, now <a href="https://www.wsj.com/articles/the-american-with-the-toughest-job-in-finance-saving-deutsche-bank-11551801710">reports directly to DB CEO Christian Sewing </a>and has been pushing the bank to invest its cash reserves more aggressively.</p><p>"A<span style="font-weight: 400;">lthough management is doing all the right things in terms of what is in their control and we recognize this turnaround is difficult," said JPMorgan analyst Kian Abouhossein in a February 1 note.  </span></p><p><span style="font-weight: 400;">"The big question is on revenues in our view where it is not clear that the CIB franchise is turning around as of yet." </span></p>     <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsung-galaxy-fold-best-features-foldable-phone-2019-2">Samsung unveiled its Galaxy Fold - here are the best features of the $1,980 foldable phone</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/K1zjXnEn-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Wall Street is in full sell mode on Deutsche Bank

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d44a25d100a241e3636347e-1667/jpmorgan-chase-org-2x1.png" border="0" alt="jpmorgan chase org 2x1" data-mce-source="Stephen Lovekin/Getty; Tiffany Rose/Getty; JPMorgan Chase; Shayanne Gal/Business Insider"><p class="source"><span>Stephen Lovekin/Getty; Tiffany Rose/Getty; JPMorgan Chase; Shayanne Gal/Business Insider</span></p></img></div><p></p></div></div><p>JPMorgan is the biggest bank in the US and a leading bellwether for the global financial system. So when it comes to the bank's most senior leaders, and particularly those in position to replace CEO Jamie Dimon, Wall Street pays attention.</p><p>Business Insider went out and identified the lender's 70 or so most important executives. We compiled the list by speaking with current and former employees, competitors, and recruiters, focusing our search on the operating committee and an executive cohort one level down at JPMorgan's four business units. We decided to avoid most staff in the control or corporate functions, aside from a few key people.</p><p>A JPMorgan spokesman declined to comment for this project.&#xa0;</p><p>At the top is none other than Dimon, CEO or chairman of the firm since January 2006, roughly 18 months after his Chicago-based lender, Bank One, was purchased by JPMorgan Chase. Dimon enjoys a reputation as the best, or among the best, bankers of his generation - and as Roger Lowenstein <a href="https://www.nytimes.com/2010/12/05/magazine/05Dimon-t.html">wrote in the New York Times Magazine in 2010</a>, the "least hated."</p><p>As he's aged, Dimon has developed a reputation for sidelining CEO challengers. The industry is littered with those thought to be potential successors.</p><p>To name just a few: Jes Staley, now the CEO of Barclays; former JPMorgan investment banking co-head Bill Winters, who now runs Standard Chartered; ex-retail banking exec Charles Scharf, the CEO at Bank of New York Mellon after a stint running payments processor Visa; and former co-chief operating officer Frank Bisignano, the president and COO at Fiserv Inc. Matt Zames, another COO and rumored successor, left rather suddenly in 2017.&#xa0;</p><p>When asked about his eventual retirement, Dimon has taken to saying he'd like to work for another five years or so. The comment has become a running joke among Wall Street analysts, investors and even JPMorgan execs. But at 63, Dimon is approaching the typical retirement age and there's talk that his "another five years" might actually be counting down.</p><p>Earlier this year, JPMorgan moved longtime CFO and potential short-list successor Marianne Lake to <a href="https://www.businessinsider.com/jpmorgan-names-new-cfo-and-places-marianne-lake-in-charge-of-a-new-consumer-lending-unit-2019-4">a job running consumer lending</a>. Credit card chief Jennifer Piepszak took Lake's role as CFO.&#xa0;</p><p>The moves were widely interpreted as being part of succession planning, with some wondering if this meant Lake was out of the running or just getting needed operating experience, or if Piepszak was now the favored one. Another strain of thought saw Dimon positioning a replacement for consumer-banking chief Gordon Smith, <a href="https://www.wsj.com/articles/wells-fargo-ceo-search-drags-on-as-two-top-candidates-take-pass-11560260320">rumored to be in talks for the top job at Wells Fargo</a>.&#xa0;</p><p>Smith is still at JPMorgan and had some wise words in late May around how he thinks about the bank's broader leadership team, in the context of all the focus on Dimon's replacement.&#xa0;</p><p>"<span>It's very obvious and understandable why Jamie's succession is what gets the vast majority of the ink," he said at an investor conference that month. "</span><span>But what we all worry about is - yes, the CEO - but who are the 15 people or so, plus or minus, that will be on the operating committee of the firm. That will steer it for the next decade, the decades following Jamie's rolling 5 [years until retirement]? What will be that group of people?"</span></p><p>This list gives you the inside track on identifying that group.&#xa0;</p><p>&#xa0;</p><p><em>Have more information about the organizational structure or something else at JPMorgan? Contact the reporter by <a href="https://www.businessinsider.com/author/dakin-campbell">phone</a>, email at dcampbell@businessinsider.com or via encrypted chat with <a href="https://www.businessinsider.com/author/dakin-campbell">Signal</a>.&#xa0;</em></p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech-2"><img src="https://static.businessinsider.com/image/5d3716eea209d36f2475b70f" alt="Exclusive FREE Report: The Future of Fintech by Business Insider Intelligence" border="0" style="width: 100% !important" /></a></p><div><div style="position: relative;width: auto;padding: 0 0 198.75%;height: 0;top: 0;left: 0;bottom: 0;right: 0;margin: 0;border: 0 none" id="experience-5d387614608ff" data-aspectratio="0.5031" data-mobile-aspectratio="0.4871"><iframe allowfullscreen="" src="//view.ceros.com/business-insider/jp-morgan-org-chart-1-1" style="position: absolute;top: 0;left: 0;bottom: 0;right: 0;margin: 0;padding: 0;border: 0 none;height: 100%;width: 100%" frameborder="0" class="ceros-experience"></iframe></div><script type="text/javascript" src="//view.ceros.com/scroll-proxy.min.js"></script></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-super-earth-2018-6">Super-Earths are real and they could be an even better place to live than Earth</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/9OrTF64m-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

We identified the 70 most powerful people at JPMorgan. Here's our exclusive org chart.

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58e3e5ec77bb70f3398b5e4b-1060/undefined" alt="Woman Texting with Headphones In" data-mce-source="Flickr / Michele Ursino" data-link="https://www.flickr.com/photos/micurs/8011990976/in/photolist-dcZxMs-dLnekA-7VE8yF-bR52LB-dyVzpz-dKjeRA-cuSoTG-bwyuCG-8RmgXZ-btbcvV-5zUDBi-bnGRrB-99gC6Y-eagXtY-6MgPPw-eagX8o-9WwBWa-eabhLk-eagXRQ-eagXj5-eagXz7-eagXGb-eagXXL-eagXqL-mnVeU6-boFzXZ-7MabeQ-dZtqGa-e483vV-p9RdVJ-aDeXfQ-82FPvz-a1Jpw6-q2cYGs-8yGGnS-bpywGq-dL5iGs-mNAnK3-6bX3UW-cr4GMq-bc4cbe-ec837k-6iYMvh-ic7Eqt-6qW8d4-asTPC5-qb8Hgv-fNmgt3-fN4Fs4-fNmgcy"><p class="source"><span><a href="https://www.flickr.com/photos/micurs/8011990976/in/photolist-dcZxMs-dLnekA-7VE8yF-bR52LB-dyVzpz-dKjeRA-cuSoTG-bwyuCG-8RmgXZ-btbcvV-5zUDBi-bnGRrB-99gC6Y-eagXtY-6MgPPw-eagX8o-9WwBWa-eabhLk-eagXRQ-eagXj5-eagXz7-eagXGb-eagXXL-eagXqL-mnVeU6-boFzXZ-7MabeQ-dZtqGa-e483vV-p9RdVJ-aDeXfQ-82FPvz-a1Jpw6-q2cYGs-8yGGnS-bpywGq-dL5iGs-mNAnK3-6bX3UW-cr4GMq-bc4cbe-ec837k-6iYMvh-ic7Eqt-6qW8d4-asTPC5-qb8Hgv-fNmgt3-fN4Fs4-fNmgcy">Flickr / Michele Ursino</a></span></p></img></div><p></p></div></div>JPMorgan is investing in technology in a big way - and it's paying off.</p><p>The CEO of the firm's corporate investment bank, Daniel Pinto, stressed the importance of technology in an annual letter to shareholders Tuesday.</p><p>Specifically, he noted, one client leveraged the firm's technological capabilities to make a $100 million trade - from a mobile phone.</p><p>"Our profitable Markets business, which generated an overall ROE of 17% last year, enables us to invest in innovation and the client experience," Pinto wrote.</p><p>"Eighty three percent of notional FX trading is now done electronically.<strong> We have seen a $100 million trade done on a mobile phone</strong>, and on peak days in 2016, $200 billion in FX was traded through our electronic channels, including our own J.P. Morgan Markets platform, which provides a range of services from research to pre- and post-trade reporting."</p><p>The firm spends more than $9.5 billion on technology with an increasing percentage of that budget going towards new investments and innovation, <a href="http://www.businessinsider.com/jpmorgan-annual-report-on-tech-2017-4">according to a letter from COO Matt Zames Tuesday</a>.</p><p>Pinto said the firm fundamentally believes clients should be able to choose how to trade with JPMorgan. He emphasized that it's the firm's strong technical capabilities that allow clients trade through turbulent times like Brexit and the US presidential election last year.</p><p>"The electronic evolution is advancing, and the investments we've made, and will continue to make, already are proving their merit to our clients," Pinto wrote.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/robert-shiller-fed-trump-yellen-next-fed-chair-ron-paul-2017-3">Robert Shiller on what a rate hike will do to asset prices and who Trump shouldn't put in charge of the fed</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="51azZjYTE6-H3wQ3nvdzT7Jr4PEvtoW3" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '51azZjYTE6-H3wQ3nvdzT7Jr4PEvtoW3',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Someone made a $100 million trade with JPMorgan on their cell phone

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55d46d6b2acae710008c16e1-734/screen shot 2013-07-10 at 4.29.16 pm.jpg" alt="wall street" data-mce-source="20th Century Fox/IMDB" data-link="http://www.imdb.com/media/rm146637056/tt0094291"><p class="source"><span><a href="http://www.imdb.com/media/rm146637056/tt0094291">20th Century Fox/IMDB</a></span></p></img></div><p></p></div></div>It has been said that Wall Street dealmaking is more art than science. That could be changing. </p><p>JPMorgan, which is spending big on <a href="http://www.businessinsider.com/jpmorgan-annual-report-on-tech-2017-4">technology as it looks to cut costs and increase efficiency</a>, last year launched a predictive recommendation engine to identify those clients which should issue or sell equity. And now, given the initial success of the engine, it's being rolled out to other areas.</p><p>Matt Zames, chief operating officer at JPMorgan, ran through the bank's tech strategy in a letter titled <span>"Redefining the Financial Services Industry" in </span><a href="https://www.jpmorganchase.com/corporate/investor-relations/document/2016-annualreport.pdf">JPMorgan's 328-page letter to shareholders</a>. </p><p>Included in the letter alongside talk of robotics, new design standards and a private cloud platform was reference to the Emerging Opportunities Engine. The letter said: </p><p style="padding-left: 30px;">"We also use machine learning to drive predictive recommendations for Investment Banking. Last year, we introduced the Emerging Opportunities Engine, which helps identify clients best positioned for follow-on equity offerings through automated analysis of current financial positions, market conditions and historical data. Given the initial success of the Emerging Opportunities Engine in Equity Capital Markets, we are expanding it to other areas, like Debt Capital Markets, similarly basing predictions on client financial data, issuance history and market activity."</p><p>JPMorgan isn't the only Wall Street bank applying technology to dealmaking.</p><p><span>At an <a href="https://www.youtube.com/watch?v=VF6DrX9H0Ug&amp;list=PLfjZYvoyxDtZGcgBLEW8vWUGocpiMLpSS&amp;index=8">event in January</a>, Goldman Sachs' deputy chief financial officer Marty Chavez said the bank was focused on automating investment banking tasks. He said that the bank has mapped out 146 distinct steps in the initial public offering process, and that many of these are "<a href="https://www.technologyreview.com/s/603431/as-goldman-embraces-automation-even-the-masters-of-the-universe-are-threatened/">begging to be automated</a>," according to MIT Technology Review.</span></p><p><span>That represents a change. While trading has already seen heavy automation and the job cuts associated with it, Wall Street dealmaking had traditionally been seen as impervious to such a process. Not any more. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/faraday-future-las-vegas-plant-site-video-2017-3">Footage of Faraday Future's North Las Vegas construction site</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5kZGxqYTE6oZaB1GZ9EtnioDim9v_zmN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '5kZGxqYTE6oZaB1GZ9EtnioDim9v_zmN',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Machine learning is now used in Wall Street dealmaking, and bankers should probably be worried

<p><div class="KonaFilter image-container float_right"><div class="image"><img src="http://static1.businessinsider.com/image/52cc1b41eab8eaa6714b6830-1200-924/elizabeth-warren-11.png?maxX=480" border="0" alt="Elizabeth Warren" width="480" /><p class="source"><span><a href="http://www.bloomberg.com/news/2013-02-26/bernanke-says-u-s-must-end-too-big-to-fail-bank-subsidy.html">Bloomberg</a></span></p></div><p></p></div>Another day, <a href="http://www.businessinsider.com/jpmorgan-to-pay-17-billion-2014-1">another $1.7 billion</a> in fines for JP Morgan. This time, it's for failing to catch Ponzi schemer Bernie Madoff as it managed his ill gotten gains. Now the bank has to admit that it didn't have the systems in place to catch Madoff and implement them under a deferred criminal prosecution agreement.</p>
<p>You could call this a case of "too big to manage," one of anti-Wall Street crusader Senator Elizabeth Warren's (D-MA) favorite catchphrases.</p>
<p>Back in November, she used it to talk about reinstating Glass-Steagall, the regulation that once split commercial <a href="http://www.motherjones.com/politics/2013/11/elizabeth-warren-dodd-frank-too-big-fail-speech-regulators">and investment banks.</a></p>
<p style="padding-left: 30px;">"The new Glass-Steagall Act would attack both 'too big' and 'to fail,'" Warren said..."It would reduce failures of the big banks by making banking boring, protecting deposits, and providing stability to the system even in bad times. And it would reduce 'too big' by dismantling the behemoths, so that big banks would still be big-but not too big to fail or, for that matter,<strong> too big to manage, too big to regulate, too big for trial, or too big for jail."</strong></p>
<p>In terms of management, the Madoff case is a catastrophe arguably worse than the London Whale.</p>
<p>Sure, the London Whale ended up costing JP Morgan $6 billion, and it was born in the bank's own Chief Investment Office, but that failing trade was only hidden from JPM's execs for about half a year. Madoff managed to fool everyone for decades.</p>
<p>Well, almost everyone. There were people at JP Morgan who sounded the alarm, according to Iriving Picard, the trustee appointed by New York's bankruptcy trustee to review Madoff's case for his "clients".</p>
<p>Picard's 2011 report indicates that two JPM executives knew something was wrong with Madoff, Risk Chairman John Hogan and COO Matt Zames.</p>
<p>Here's a quote from Hogan back in 2007 <a href="http://money.cnn.com/2011/04/15/news/companies/madoff_jpmorgan/">(From Picard's report, via CNN Money):</a></p>
<p style="padding-left: 30px;">"For whatever it['s] worth, I am sitting at lunch with Matt Zames who just told me that there is a well-known cloud over the head of Madoff and that his returns are speculated to be part of a [P]onzi scheme."</p>
<p>So how did something like this get lost? Banks are supposed to file 'Suspicious Activity Reports' for this kind of thing. Those go to the Department of Justice.</p>
<p>The DOJ, for its part, gets 1.5 billion of these SAR reports a year, and JP Morgan files up to 250,000 of them itself.</p>
<p>Still, two high level executives had their suspicions about Madoff a year and a half before he was arrested. They won't penalized for it though. That's part of the deal with the DOJ, <a href="http://online.wsj.com/news/articles/SB10001424052702303933104579304852561276512">according to the Wall Street Journal.</a></p>
<p>Take that as you like it.</p>

JPMorgan's Madoff Settlement Could Prove Elizabeth Warren Right

<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/53b5684f69bedd8c5129f2b7-1200-600/mary-erdoes-gordon-smith.jpg" border="0" alt="Mary Erdoes Gordon Smith" /><p class="source"><span>Stephanie Yang Business Insider via Fortune Live Media flickr/REUTERS</span></p></div><p></p></div></div>In light of J.P. Morgan CEO Jamie Dimon's unfortunate health complications, two top executives are prepared to take over should Dimon be unable to fulfill his duties, <a href="http://online.wsj.com/articles/j-p-morgans-dimon-noticed-something-amiss-in-last-few-weeks-1404314077">the WSJ reported</a>.</p>
<p>The article said Dimon has been grooming several employees for potential succession. Dimon will soon undergo chemotherapy for about eight weeks to treat throat cancer, he <a href="http://www.streetinsider.com/Press+Releases/Today+JPMorgan+Chase+Chairman+and+CEO+Jamie+Dimon+Sent+the+Following+Message+to+Employees+and+Shareholders/9630784.html">announced on Tuesday</a>. He was diagnosed with the illness this week, and said he plans to remain actively involved in the business.</p>
<p>The top two contenders are:</p>
<p style="padding-left: 30px;"><strong>Mary Callahan Erdoes</strong>, CEO of J.P. Morgan's Asset Management division. Erdoes has been with J.P. Morgan for 18 years, joining the company as head of fixed income in 1996. Now, the 46-year-old manages about $1.5 trillion in assets. Last year she brought in $11.3 billion in revenue and $2 billion in net income, and has seen consistent increases in assets over the past five years. Prior to J.P. Morgan, Erdoes worked in corporate finance at Bankers Trust. She earned a B.S. from Georgetown and M.B.A. from Harvard Business School.</p>
<p style="padding-left: 30px;"><strong>Gordon Smith</strong>, CEO of Community and Consumer Banking. Smith, 55, joined J.P. Morgan in 2007 after working for American Express for almost 30 years. He runs Chase retail banking, including credit cards, auto loans, and mortgages. According to WSJ, his division brought in $10.7 billion in revenue for 2013. Smith graduated from Thunderbird School of Global Management with a Master's degree in international management.</p>
<p>Also being considered for long-term leadership are COO Matt Zames, Chief Executive of Commercial Bank Doug Petno, CEO of Corporate and Investment Bank Daniel Pinto, CFO Marianne Lake, and Chief Risk Officer Ashley Bacon, the article said.</p>
<p><a href="http://online.wsj.com/articles/j-p-morgans-dimon-noticed-something-amiss-in-last-few-weeks-1404314077">Read the full story over at WSJ&gt;</a></p>

You Searched For "Matt Zames" and got 12 results

The Hottest, Highest-Paid Executive At JPMorgan Just Moved One Step Closer To Replacing Jamie Dimon

Julia La Roche

Confessions of burned-out junior bankers - Jonathan Soros' new hedge fund - Wall Street moves of the week

Dan DeFrancesco,Jordan Parker…

Deutsche Bank has reportedly considered closing its equities-trading unit after hundreds of millions in losses

Dakin Campbell

JPMorgan's COO is leaving the bank

Reuters,Alex Morrell

JPMorgan created a new position to unleash emerging technology onto its investment bank

Frank Chaparro

JPMorgan is targeting Silicon Valley

Frank Chaparro

Wall Street is in full sell mode on Deutsche Bank

Arjun Reddy

We identified the 70 most powerful people at JPMorgan. Here's our exclusive org chart.

Dakin Campbell,Shayanne Gal

Someone made a $100 million trade with JPMorgan on their cell phone

Portia Crowe

Machine learning is now used in Wall Street dealmaking, and bankers should probably be worried

Matt Turner

JPMorgan's Madoff Settlement Could Prove Elizabeth Warren Right

Linette Lopez

These Two Execs Could Run JPMorgan While Jamie Dimon Is Treated For Cancer

Stephanie Yang