JPMor­gan names new chief ad­min of­fi­cer

The Pak Banker - - COMPANIES/BOSS -

NEW YORK: JPMor­gan Chase & Co has named David Owen, its cur­rent chief fi­nan­cial of­fi­cer for Con­sumer & Com­mu­nity Bank­ing, to be chief ad­min­is­tra­tive of­fi­cer for the en­tire bank, ac­cord­ing to a com­pany memo dis­trib­uted to­day.

Owen, 46, re­places Paul Comp­ton, who left ear­lier this month to be chief op­er­at­ing of­fi­cer at Bar­clays Plc un­der CEO Jes Sta­ley, a for­mer JPMor­gan ex­ec­u­tive. Owen will run an of­fice that sup­ports JPMor­gan's op­er­a­tions in 60 coun­tries with real es­tate, se­cu­rity, and sup­ply-chain ser­vices.

Owen will re­port to Matt Zames, chief op­er­at­ing of­fi­cer, with whom he has worked on parts of the cur­rent drive to cut $2 bil­lion of an­nual costs in the retail bank­ing seg­ment, which in­cludes branches, credit cards, and small busi­ness and auto lend­ing. JPMor­gan is the big­gest US bank by as­sets. Be­fore join­ing JPMor­gan in 2011, Owen was at Bank of Amer­ica for eight years in var­i­ous jobs.

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