JP Morgan (NYSE:JPM) and Jamie Dimon are trying to pretend the recent departure of Frank J. Bisignano, co-chief operating officer is like no big deal. Frank Bisignano is moving on to become chief executive of the payment processing firm First Data Corporation.
You should not have games of revolving chairs with a settled executive suite. The co-chief operating set up was just agreed to. So someone did not believe for the time being and pushed the right buttons to get himself another better job. JP Morgan is supposed to be a prestige large money center bank. Top jobs should make you very wealthy.
Frank Bisignano looked at the lay of the land and determined JP Morgan is a discard. I’m sure he had his reasons. He is not a stupid man. But the final analysis concludes JP Morgan is the place to leave.
Ignore the press releases and other blandishments. The departure speaks volumes of Jamie Dimon and JP Morgan. Smart people do not get off a rising rocket.
George Gutowski writes from a caveat emptor perspective.