SAN FRANCSICO (MarketWatch) — The “London Whale” is leaving a lot of bodies in its wake.

Frank J. Bisignano, another senior executive at J.P. Morgan Chase & Co. JPM, -1.57% is out, bringing the count of departing bankers to roughly nine, including Bruno Iksil, the trader who reportedly was chiefly responsible for the trade, and Ina Drew, head of the bank’s chief investment office in London.

Jamie Dimon. Reuters

For Bisignano this is a soft landing. He will be joining First Data Corp. The move reflects an irony at the center of the whale tale: Those with ties to the disastrous trade appear to be in high demand among J.P. Morgan’s rivals.

Under Jamie Dimon, J.P. Morgan has walked a fine line in the year since the money-losing trade became public. Executives leave. Pay — in Chairman and CEO Dimon’s case — has been slashed. And yet the bank chugs along profitably and with all the cockiness of its leader.

Witness a Bloomberg report Monday that the bank ranked first among global financial firms in pay in London. J.P. Morgan pays, on average, roughly 20% more there than Goldman Sachs Group Inc. GS, -2.92% and Morgan Stanley MS, -1.97% .

Where others struggle, J.P. Morgan’s spoils offset its high compensation costs.

Bisignano’s departure isn’t about money. He has been described as a trusted friend of Dimon’s and the company’s “fixer” when it comes to operational issues. But his exit also clears the path for Matt Zames to become sole chief operating officer and a front runner to succeed Dimon.

What comes after austerity?

Zames should take note of the shake-ups at the bank. Another substantial trading loss or regulatory misstep would likely not only sink Dimon but sweep out the executive suite completely. Zames needs look no further than the overhaul of Barclays after Robert Diamond presided over a crippling interest-rate-rigging scandal.

Even though Bisignano’s exit shows it’s still possible to swim safely away from the post–”London Whale” bank, it’s likely the next crisis would sink J.P. Morgan — which has simply taken on too much water.

— David Weidner