Banking conglomerate JPMorgan Chase (JPM: 44.76, -0.01, -0.02%) announced several management changes at its investment bank Tuesday, saying
that the easing credit markets have provided an opportunity for the bank to look toward a succession plan.
The bank named Steve Black and Jes Staley as executive chairman and CEO of the investment bank respectively. Bill Winters,
the current co-CEO of the investment bank with Staley, will leave the company. Winter has been at the bank for 18 years and
did not disclose where he was going.
Staley, who is currently the head of the firm’s asset management division, will report to Black. Meanwhile, JPMorgan’s
private bank CEO Mary Callahan Erdoes will take Staley’s place as head of the asset management division.
"With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process,"
said Jamie Dimon, Chairman and CEO of JPMorgan Chase.
