JPMorgan CEO Jamie Dimon and a former top lieutenant have finally agreed to a multimillion-dollar handshake over a hiring dispute that entangled the largest US lender, a giant private-equity firm and two longtime fixtures on Wall Street.
Frank Bisignano — a once-trusted ally of Dimon who left the bank last April to run a payment processor owned by private-equity firm KKR — agreed along with KKR that his new firm will pay just under $10 million to the bank, according to people familiar with the situation.
First Data, the payment processor, will pay less than $10 million to the bank, according to a person familiar with the situation.
In exchange for the money from First Data, JPMorgan pledged not to challenge Bisignano’s hiring last year at First Data of several high-ranking executives from the bank.
Bisignano’s employment contract with JPMorgan had prohibited him from soliciting former co-workers for one year, one of these people said.
This article originally appeared on MarketWatch.com.


