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Frank Bisignano explains why he left his role as co-COO at JPMorgan Chase to become CEO of First Data, and what his plans are for the payments processor.
April 29 -
Guy Chiarello, JPMorgan Chase's (JPM) chief information officer, is leaving the company.
May 29 -
First Data Corp., led by former JPMorgan Chase co-Chief Operating Officer Frank Bisignano, hired the bank's former Chief Information Officer Guy Chiarello as president.
July 9 -
JPMorgan Chase (JPM) has appointed corporate technology veteran Dana Deasy as chief information officer.
October 8
Payment processor First Data has agreed to pay JPMorgan Chase (JPM) millions of dollars in order to settle a hiring dispute,
The trouble between the companies is rooted in a tale of two executives, according to the Journal.
JPMorgan's former co-chief operating officer, Frank Bisignano,
These departures rankled Bisignano's ex-boss, JPMorgan Chief Executive Jamie Dimon, according to the Journal. The bank accused Bisignano of violating the terms of his employment contract by recruiting former colleagues less than a year after leaving the company, the Journal reports.
First Data's owner, the private-equity firm KKR, reportedly argued that the company had solicited the new hires not Bisignano.
Among the employees at the center of the dispute was JPMorgan's former chief information officer, Guy Chiarello. Chiarello was
The exact amount of the settlement agreement was not disclosed in the Journal. A person familiar with the situation told the paper that the sum was under $10 million.
First Data and JPMorgan did not immediately return requests for comment.