JPMorgan prioritises tech investment as Compton moves to chief admin post
06 September 2010 | 9997 views | 0
JPMorgan has named Paul Compton as chief administrative officer of its investment bank, as it bids to streamline and improve technology across the business, the Wall Street Journal reports.
Under the plans, Tushar Mrzaria takes over Compton's duties as chief financial officer, says the WSJ, citing an internal memorandum.
As chief adminstrative officer, Compton will take charge of the bank's operational systems and technology, supplanting the bank's former head of technology Pete Cherasia, who will take on a role as head of market strategies.
The shake-up signals a renewed focus on streamlining and improving technology across the company, says the WSJ.
"To accelerate this progress, we are dedicating two of our most effective leaders to manage these functions in the investment bank," said investment banking CEO Jes Staley, JPMorgan's chief administrative officer, Frank Bisignano, and CFO Doug Braunstein in the memo to staff.
They said the bank will "move from a defensive posture" on integrating systems to "pursuing new businesses and revenue opportunities that will be driven by technology."