Paul Compton, a top executive at JPMorgan Chase's investment bank, is taking on a broader role at the company that includes new responsibilities within its commercial bank.
JPMorgan Chase (JPM) said in an internal memo Monday that Compton has been named the company's deputy head of operations, reporting to Frank Bisignano, JPMorgan Chase's chief administrative officer and chief executive of home lending. In his new role, Compton will head operations for the commercial and corporate sectors while retaining his positions as chief administrative officer of the investment bank and head of company's global service center in India.
Compton, 48, is replacing Lori Pape, who had been pulling double duty as operations head of the corporate and commercial banks as well as head of consumer and small-business banking. In the memo, the company said that Compton's promotion will allow Pape to devote her full attention to her duties on the consumer and business side.
Compton joined what was then J.P. Morgan 15 years ago and has moved steadily up the ranks as the company has grown through a series of major acquisitions. With his new duties, Compton will be in charge of roughly half of JPMorgan Chase's global operations, the company said in the memo.
He will also continue to serve on the firm's executive committee and the investment bank's operating committee, reporting to Jes Staley, the CEO of the investment bank.