JPMorgan chief compliance officer exits after one year
One year may be enough for any one person at mega bank
The nation’s biggest bank’s chief compliance officer is resigning after one year on the job even as JPMorgan Chase & Co. continues to deal with regulatory headaches, lawsuits and investigations, The Wall Street Journal reports.
Cindy Armine is leaving the banking giant to take a job with First Data Corp., the Atlanta payment processor run by former JPMorgan executive Frank Bisignano.
Armine’s is the latest in a series of high-profile departures as the bank works through compliance and regulatory reform.
Her role involved direct dealings with U.S. regulators and monitoring of JPMorgan's compliance with all laws and regulations, including dealing with more than $20 billion in settlements that include the banks portfolio of legacy mortgages.
JPMorgan still faces a number of federal probes that are expected to heat up in 2014.
From the Journal:
The role of chief compliance officer will be filled on an interim basis by Lou Rauchenberger, chief administrative officer for the company's corporate and investment bank. The company is looking for a permanent replacement, according to the internal memo.
Ms. Armine was elevated to the role of chief compliance officer in early 2013 as part of a larger overhaul of J.P. Morgan's top control positions amid regulatory scrutiny that intensified in the wake of the firm's "London whale" trading debacle. She replaced Martha Gallo, who has since retired, and as part of another internal shift began reporting to Chief Operating Officer Matt Zames instead of General Counsel Stephen Cutler.