Takis Georgakopoulos, the global head of payments at JPMorgan Chase, is leaving the bank to pursue other opportunities.

The development, first reported by Reuters, has prompted the financial giant to install new leaders at the helm of one of its fastest-growing divisions.

Max Neukirchen and Umar Farooq have been appointed to succeed Georgakopoulos, effective immediately. These appointments mark the latest significant leadership changes implemented by CEO candidates Jennifer Piepszak and Troy Rohrbaugh as they put their stamp on the newly merged commercial and investment banking division.

Georgakopoulos, who sat on the firm's operating committee of top leaders, had been with JPMorgan for 17 years and is credited with expanding its payments business, which processes $10 trillion daily.

"During his tenure, the business has become one of the firm's biggest growth engines, increasing revenue and market share in a highly competitive environment," Piepszak and Rohrbaugh, co-heads of the commercial and investment bank, wrote in an internal note to employees.

In the first quarter, the payments business firmwide generated revenue of $4.46 billion, surpassing the $2 billion revenue brought in from investment banking. During the bank's annual investor day last month, Piepszak highlighted the significance of the payments division, stating, "Payments clearly stands out from the rest."

JPMorgan boasts over 9 per cent market share in global payments. Executives told investors last month that payment services, often the first offered to new clients, have been among the bank's biggest growth areas in recent years.

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