Another one of Jamie Dimon's key executives is leaving JPMorgan Chase, the firm announced Sunday.
Frank Bisignano, co-chief operating officer along with Matt Zames, is leaving the bank to run First Data Corp., a payments processing company owned by private equity firm KKR. Zames, who now appears to be the clear frontrunner to lead JPMorgan (JPM) when Dimon retires, will be the sole COO of the bank.
"I am pleased that Matt Zames is expanding his role," Dimon said in a statement. "He is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year."
But Bisignano's reputation was not tarnished by those losses.
"I have worked with Frank for many years, and he has proven himself time and again as a highly talented executive willing to take on difficult challenges and get the job done,"
Wall Street is turning its back on gold.
Both Goldman Sachs and Deutsche Bank lowered their year-end forecast for the precious metal this week, citing an improving U.S. economy.
Goldman slashed its target to $1,545 per ounce for 2013, down from its previously estimate of $1,610. The bank also lowered its outlook for 2014 to $1,350 an ounce, down from an earlier forecast of $1,490.
Meanwhile, Deutsche Bank reduced its year-end forecast MOREHibah Yousuf - Apr 10, 2013 2:06 PM ET
The great rotation in the technology sector continues.
Google (GOOG) shares are trading at record highs above $800, while Apple (AAPL) continues to plumb new lows.
Apple's fall from grace isn't directly related to Google's new-found darling status, but the trend is a significant turnabout.
Once the most valuable company on earth, Apple's stock has fallen 42%, dropping from an all-time trading high of $705 in September to a new 52-week low of $419 on MOREMar 5, 2013 12:48 PM ET
It's that time of year again. Most of the nation's big banks have disclosed how much chief executives earned in 2012. While some had their compensation cut, others received hefty raises.
One caveat: Wells Fargo (WFC) CEO John Stumpf, who received $17.6 million in total compensation in 2011, is not on the list. Wells has not yet disclosed Stumpf's 2012 compensation.
Lloyd Blankfein: $21 million
The CEO of Goldman MOREBen Rooney - Feb 25, 2013 5:26 AM ET
Individual investors continued to put money into the stock market last week, but the pace has slowed.
U.S. stock mutual funds, a popular investment vehicle for individuals, brought in just over $3.5 billion in the final week of January, according to the Investment Company Institute. That's about $30 million more than the week prior, when flows started to moderate.
Overall, investors have poured $10.3 billion into U.S. stock mutual funds in January.
That's MOREBen Rooney - Feb 7, 2013 10:53 AM ET
Oh, how the tables have turned in the smartphone world ... at least when it comes to stocks.
Apple shares continued to take a tumble, while shares of Research in Motion rallied again. Traders on StockTwits could barely contain themselves.
$AAPL breaks below $500. Meanwhile, $RIMM up nearly 25% in less than 2 trading days.
Yes, RIM (RIMM) shares jumped more than 10% Monday. And the mighty Apple (AAPL), the most valuable tech company in MOREBen Rooney - Jan 14, 2013 12:38 PM ET
On your mark, get set. Go!
Shares of Nike (NKE) jumped 5% Friday morning, after the company's second quarter results topped analysts' expectations.
Nike said late Thursday that earnings rose 11% on sales of $6 billion in the quarter, driven by surprisingly strong demand in North America.
The company also said future orders for Nike footwear and apparel were up 14% in North America. These orders would be delivered in the December to MOREBen Rooney - Dec 21, 2012 11:56 AM ET
Bank stocks have been on a tear in 2012. Monday was no different, as shares of big banks pushed the broader market higher.
Bank of America (BAC), Citigroup (C), Goldman Sachs (GS) and Morgan Stanley (MS) all climbed more than 2%, while Wells Fargo (WFC) rallied more than 3%. AIG (AIG) shares were up after the company said it plans to sell its stake in AIA Group, a Hong Kong-based life insurance MOREHibah Yousuf - Dec 17, 2012 12:59 PM ET
Knight Capital Group stopped taking new trading orders Wednesday afternoon as it struggled with "power issues" and requested its clients re-route all stock orders to other trading firms, according to two traders who received a memo from the firm.
Jersey City, N.J.,-based Knight plays a key role on Wall Street by acting as a middleman in the markets, completing investors' buy and sell orders.
The company's latest snafu comes as U.S. financial markets MOREHibah Yousuf - Oct 31, 2012 2:53 PM ET
Major Wall Street banks shut their doors Monday and said they'd waive certain fees, as Hurricane Sandy barrels toward the East Coast.
Citigroup (C) shuttered all of its branches in Manhattan and said only a handful of branches in New York, Boston, Philadelphia, Connecticut and Delaware would remain operational Monday. The bank's branches in Maryland, Virginia, and the District of Columbia were all open for business Monday.
JPMorgan Chase (JPM) planned to MOREMaureen Farrell - Oct 29, 2012 12:23 PM ET
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