Key JPMorgan lawyer leaves for smaller bank

A JPMorgan Chase & Co lawyer responsible for litigation and government investigations is leaving the lawsuit-laden bank.

Michael Coyne, who has been associate general counsel and co-head of litigation at JPMorgan, is becoming general counsel of Union Bank and its holding company, UnionBanCal Corp, according to a statement that Union Bank issued on Monday.

Coyne had been at JPMorgan for 21 years and in 2010 became responsible for litigation and government investigation matters worldwide, according to the statement.

A JPMorgan spokesman said Jill Centella, co-head of litigation, remains at the bank. The spokesman declined further comment.

Coyne’s departure comes as JPMorgan is spending $5 billion a year on litigation and government investigations into a wide range of allegations over issues including reporting of losses from its “London Whale” derivatives trades, sales of mortgage securities, commodities trading and credit card debt collections.

San Francisco-based UnionBanCal Corp has assets of $102 billion, operates 422 branches and is owned by Mitsubishi UFJ Financial Group Inc <8306.T> of Tokyo.

JPMorgan, based in New York, has $2.44 trillion of assets, which ranks it the biggest United States bank.

(Reporting by David Henry in New York; Editing by Gerald E. McCormick)

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