Matt Zames, who has been touted as a possible successor to Jamie Dimon, has now been named chief investment officer at JP Morgan and tasked with turning around the unit responsible for the billions of dollars of trading losses that came to light last week.

On Thursday Jamie Dimon, who holds both the positions of chairman and chief executive at the US bank, announced $2bn of losses connected to trades in derivatives indices. The trades were made by the bank's chief investment office.