In what is the biggest financial news of the day, with "Triple Threat Thursday" now downgraded to Single, outlook negative, moments ago Bloomberg reported that JPM COO, and former chair of perhaps the most important advisory committee at the US Treasury, the TBAC, or Treasury Borrowing Advisory Committee, Matt Zames who was viewed as a potential successor to CEO Jamie Dimon, is leaving after 13 years at the bank.

“Matt has worked tirelessly across many disciplines to help make us a better company,” Dimon, 61, said Thursday in a memo to staff.

Zames, 46, will remain at the New York-based bank to help with the transition. Zames' TBAC farewell letter can be found here.

Furthermore, as Reuters adds, Zames will effectively be paid over $9 million for a one year "garden leave."

• JPMORGAN CHASE - ENTERED INTO AN AGREEMENT WITH ZAMES PROVIDING FOR A NINETY-DAY GARDEN LEAVE, NON-COMPETITION THROUGH FEBRUARY 1, 2018
• JPMORGAN CHASE - AGREEMENT WITH ZAMES INCLUDES NON-SOLICITATION OF CLIENTS FOR ONE YEAR FOLLOWING GARDEN LEAVE
• JPMORGAN CHASE - AGREEMENT WITH ZAMES ALSO INCLUDES NON-SOLICITATION/HIRE OF EMPLOYEES FOR TWO YEARS FOLLOWING GARDEN LEAVE
• JPMORGAN CHASE - ZAMES IS ENTITLED TO DISCRETIONARY PAYMENT OF $4.625 MLN ON FEBRUARY 1, 2018, DISCRETIONARY PAYMENT OF $4.5 MLN ON FEBRUARY 1, 2019

Separately, JPMorgan also disclosed that Zames is leaving JPM with total cash and equity valued at $48 million.

Full statement from JPM:

On June 8, 2017, JPMorgan Chase & Co. (the “Firm”) announced that Matthew E. Zames, Chief Operating Officer, has decided to leave the Firm following thirteen years of outstanding service. Mr. Zames is working closely with the Firm to ensure a smooth transition of his responsibilities to other members of the Operating Committee and will continue to do so over the coming weeks. Specifically, the Firm has expanded the responsibility of certain of its Operating Committee members, as follows:

Marianne Lake, Chief Financial Officer, will oversee the Chief Investment Office/Treasury, the Office of Regulatory Affairs, the Global Director of Regulatory Relations, and Oversight and Controls and will assume direct managerial responsibility for those Corporate Finance executives who previously reported to Mr. Zames.

Daniel Pinto, CEO of Corporate & Investment Bank, and Gordon Smith, CEO of Consumer & Community Banking will jointly oversee Global Technology, the Intelligent Solutions group, and Mortgage Capital Markets.

Mary Erdoes, CEO of Asset Management, and Doug Petno, CEO of the Commercial Bank, will jointly oversee the COO Global Operations unit, Global Real Estate, Global Security & Investigations, Military Affairs, Events Planning, Procurement and other General Services.

Corporate Strategy and Private Investments will directly report to the Chairman and CEO, Jamie Dimon.

The Firm has entered into an agreement with Mr. Zames (the “Agreement”) providing for a ninety-day garden leave, non-competition through February 1, 2018, non-solicitation of clients for one year following garden leave and non-solicitation/hire of employees for two years following garden leave. Subject to the terms of the Agreement, Mr. Zames will be deemed to qualify for full career eligibility for outstanding restricted share units and performance share units and entitled to a post-garden leave payment of $900,000, a discretionary payment of $4.625 million on February 1, 2018 and a discretionary payment of $4.5 million on February 1, 2019. The discretionary payments will be subject to the JPMorgan Chase Bonus Recoupment Policy and, to the extent set forth in the Agreement, Protection-Based Vesting, Recapture and Recovery provisions. The foregoing summary is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by.