JP Morgan Chase's Card Chief Resigns from MasterCard Board
Jathon Sapsford reports in this morning's Wall St. Journal that the head of JP Morgan Chase's credit card business has resigned (subscription required) from the board of MasterCard International.
J.P. Morgan and MasterCard both said the resignation of Richard Srednicki from the board of MasterCard doesn't have any bearing on whether the newly merged bank will go with Visa or MasterCard. "The action was a necessary step given the governance rules of the card associations and the merger and combination of Bank One's and Chase's credit-card businesses," said J.P. Morgan spokesman David Chamberlin.
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