Trustee and servicer operations are under new management at JPMorgan Treasury & Securities Services (TSS) and it appears so is the unit's image as a business line, thanks to the spotlight thrown on it by the July 1 merger completion date with Bank One Corp.

The former CFO of Banc One, Heidi Miller, replaced Don Layton as head of JPMorgan's Treasury & Securities Services, the largest trustee for U.S. bond issuers and the third-largest asset custodian with $7.6 trillion of assets. Though the $58 billion merger garnered all the headlines, JPMorgan had actually purchased Banc One's trust platform for $720 million prior to the coupling, in October 2003.

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