JPMorgan Chase CIO Chiarello quits

After a stint of seven-and-a-half years in the top tech spot, JPMorgan Chase CIO Guy Chiarello is quitting his post. His surprise departure was announced in an internal memo circulated to the bank staff by Chief Administrative Officer Paul Compton.

During his tenure at JPMorgan Chase, Chiarello oversaw the ingestion of Bear Stearns and Washington Mutual as the bank proved its mettle during the financial crisis.

Mike Ashworth, a 27-year veteran of the firm and the bank's head of global technology infrastructure, has been appointed interim CIO until a replacement can be found.

The new appointee will take responsibility for an $8-billion annual technology budget and a team of over 20,000 technology staff worldwide.