JPMorgan Chaseâs investment banking unit announced a series of top management changes on Monday, including the naming of a new chief executive for the unit, Jes Staley, and the departure of
Bill Winters, who had been the unitâs co-chief executive for the last five years. Steve Black, currently the investment bankâs other co-chief, will become executive chairman of the investment banking business,
JPMorgan said in a press release Monday. âWith the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process,â said Jamie Dimon,
JPMorgan Chaseâs chairman and chief executive, said in the statement, adding that Mr. Black and Mr. Staley hope to complete a âsmooth transition at the end of 2010.â Mr. Staley had been head of
JPMorganâs asset management unit since 2001. He joined the firm in 1979 and spent 20 years at the firmâs investment banking arm,
JPMorgan said in Mondayâs statement. âBill, Steve and the IB employees have helped build the leading investment bank in the world today, and I am extremely honored to be asked to take on this critical role,â Mr. Staley said in the statement. Mary Callahan Erdoes, currently chief executive of private banking at
JPMorgan, will succeed Mr. Staley as chief executive of asset management. Mr. Winters, 48, and Mr. Black, 57, have jointly led
JPMorganâs investment bank since 2004, when David A. Coulter, who had been the unitâs sole chief executive, was made chairman of the investment bank. The following year, Mr. Coulter left
JPMorgan to join a private equity firm.
JPMorgan didnât indicate what Mr. Winters would be doing next. In Mondayâs statement, he said he was âlooking forward to my next professional challenge.â
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