In what is the biggest financial news of the day, with “Triple Threat Thursday” now downgraded to Single, outlook negative, moments ago Bloomberg reported that JPM COO, and former chair of perhaps the most important advisory committee at the US Treasury, the TBAC, or Treasury Borrowing Advisory Committee, Matt Zames who was viewed as a potential successor to CEO Jamie Dimon, is leaving after 13 years at the bank.
“Matt has worked tirelessly across many disciplines to help make us a better company,†Dimon, 61, said Thursday in a memo to staff.
Zames, 46, will remain at the New York-based bank to help with the transition. Zames’Â TBAC farewell letter can be found here.
Furthermore, as Reuters adds, Zames will effectively be paid over $9 million for a one year “garden leave.”
- JPMORGAN CHASE – ENTERED INTO AN AGREEMENT WITH ZAMES PROVIDING FOR A NINETY-DAY GARDEN LEAVE, NON-COMPETITION THROUGH FEBRUARY 1, 2018
- JPMORGAN CHASE – AGREEMENT WITH ZAMES INCLUDES NON-SOLICITATION OF CLIENTS FOR ONE YEAR FOLLOWING GARDEN LEAVE
- JPMORGAN CHASE – AGREEMENT WITH ZAMES ALSO INCLUDES NON-SOLICITATION/HIRE OF EMPLOYEES FOR TWO YEARS FOLLOWING GARDEN LEAVE
- JPMORGAN CHASE – ZAMES IS ENTITLED TO DISCRETIONARY PAYMENT OF $4.625 MLN ON FEBRUARY 1, 2018, DISCRETIONARY PAYMENT OF $4.5 MLN ON FEBRUARY 1, 2019
Separately, JPMorgan also disclosed that Zames is leaving JPM with total cash and equity valued at $48 million.
Full statement from JPM:
