Ex-Jamie Dimon Protégé Pays $10 Million To Be Friends With Him Again


Frank Bisignano isn't coming right out and saying he's sorry that his company hired all of those JPMCers right after he quit, but he is offering an olive branch wrapped with a novelty-sized check.

Frank Bisignano, a once-trusted ally of Mr. Dimon who left the bank last April to run a payment processor owned by private-equity firm KKR & Co., agreed along with KKR that his new firm will pay millions of dollars to J.P. Morgan, according to people familiar with the situation. First Data will pay less than $10 million to the bank, according to a person familiar with the situation….

In exchange for the money from First Data, J.P. Morgan pledged not to challenge Mr. Bisignano's hiring last year of several high-ranking executives from the bank, said the people familiar with the situation. Mr. Bisignano's employment contract with J.P. Morgan had prohibited him from soliciting former co-workers for one year, one of these people said….

Mr. Dimon and Mr. Bisignano have spoken recently and are on better terms, said a person familiar with those conversations. J.P. Morgan and First Data, this person noted, do business together.

J.P. Morgan's Dimon, Ex-Ally Settle Dispute [WSJ]