“Well That’s My Cue To Leave” Says Guy Who Handles “All Litigation And Government Investigations Affecting JP Morgan Around The World” After 957th Probe Into Bank’s AffairsBy Bess Levin
JP Morgan Chase’s co-head of litigation is leaving the bank as it faces a mounting pile of regulatory headaches, lawsuits and investigations, said people close to the situation. Michael Coyne, who is responsible for all litigation and government investigations affecting J.P. Morgan around the world, will become general counsel of UnionBanCal Corp., a San Francisco lender with $102.23 billion in assets and 422 branches. J.P. Morgan, the nation’s largest bank, has $2.4 trillion in assets and 5,657 branches. An announcement is expected Monday. Mr. Coyne’s departure comes as J.P. Morgan tries to work its way through a litany of legal problems and a heightened period of regulatory scrutiny. The bank disclosed recently that future legal losses could be as much as $6.8 billion above its existing reserves, more than any other U.S. bank.