NEW YORK — JPMorgan Chase & Co. promoted Tushar Morzaria to chief financial officer of its investment bank, to succeed Paul Compton, according to a memorandum reviewed by Dow Jones Newswires.
Compton, 46 years old, will become chief administrative officer of JPMorgan's investment banking business, with a focus on accelerating improvements in its technology and operational systems at a time when trading technology is on the forefront of market developments.
Morzaria, who joined JPMorgan in 2004 and is 41 years old, was controller of the investment banking business, and will now be a top executive at arguably JPMorgan's most important line of business, with $14.7 billion in revenue and almost 27,000 staff worldwide.
Pete Cherasia, 51, head of technology at JPMorgan's investment bank, will take on a new role as head of markets strategies, said the memo to investment banking staff and the company's finance employees.
JPMorgan is an amalgamation of several banks and investment banks, and streamlining and improving technology across the company has been one of Chief Executive James Dimon's top priorities. "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 their memo Wednesday.
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."