An internal memo circulated by JPMorgan last week outlines the leadership of the investment bank as it works to incorporate the employees and divisions of Bear, Stearns & Co.

Under the new structure, the tax-exempt capital markets group will be overseen by Matt Zames, a JPMorgan executive. Zames will have responsibility for the global rates, currencies, and municipals division.

He will take over the management of municipals from Bill Johnson, who will leave the group to become head of the unit that combines JPMorgan's global proprietary positioning unit and Bear Stearns' principal strategies business.

The fate of the public finance departments, currently headed by Mark Melio at JPMorgan and Dan Keating and Bob Foran at Bear Stearns, will be decided in the coming days and weeks, said Brian Marchiony, a spokesman for JPMorgan.

Melio had reported to Johnson under the old structure, Marchiony said.

Bear Stearns was the fifth-largest U.S. investment bank before being taken over by JPMorgan last month. Since then, executives at JPMorgan have offered incentives and new roles for those Bear Stearns bankers and traders that they wanted to keep. It is still unclear how many Bear Stearns employees will stay with the newly combined bank.


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