JPMorgan Chase has announced senior leadership changes in its investment bank and asset management businesses.
Reportedly, Steve Black, co-CEO of the investment bank, will become executive chairman of the investment bank. Jes Staley, currently head of asset management, has been named CEO of the investment bank, reporting to Mr. Black. Additionally, Mr. Staley will continue to serve on the firm’s operating committee. Mary Callahan Erdoes, CEO of the private bank, will succeed Mr. Staley as the CEO of asset management and will join the firm’s operating committee. Bill Winters, co-CEO of the investment bank, will leave the company.
Jamie Dimon, chairman and CEO of JPMorgan Chase, said: “With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process. Mr. Black and Mr. Staley will work closely together and complete a smooth transition at the end of 2010. Mr. Black, Mr. Winters and the IB management team have built one of the strongest investment banks in the world, and I’m confident that together, Mr. Black, Mr. Staley and the IB management team will continue to build on this success.”
