Bisignano takes on the new role with immediate effect, replacing Ed Labry, who has been acting as interim CEO since January, when former chief Jon Judge retired on health grounds. Labry will continue in his role as president of retail and alliance services.

Bisignano joined JP Morgan Chase in 2005 and as co-COO oversaw global technology, real estate, operations, procurement, compliance, regulatory control and oversight, resiliency, security and safety, and general services for all of the bank's businesses in over 60 countries.

Before that he spent three years as CEO of Citigroup's Global Transactions Services business and was also the bank's firm-wide deputy head of technology and operations.

Joe Forehand, chairman, First Data, says: "Frank has a proven track record of catalysing positive change on a global business operating in a dynamic industry. At Citigroup, he built - from the ground up - the largest transaction services business in the world and oversaw the largest technological and operations businesses in the financial services industry."

Bisignano adds: "New technological advances are impacting the payments industry every day, making life easier for our partners, our merchants and consumers. First Data can and should lead the way when it comes to offering the most innovative solutions and service."

Bisignano is the latest in a long line of senior execs to leave JP Morgan over the last 18 months in the wake of the London Whale trading scandal. His departure is being widely interpreted as a boost for his former co-COO, Matt Zames, who will now act as sole chief operating officer and is seen as a favourite to succeed Jamie Dimon as CEO.