JPMorgan names new chief admin officer
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.