JPMorgan reshuffle starts succession planning
JPMorgan Chase announced a major overhaul of its investment banking division on Tuesday that will see its top banker in Europe leave the firm.
Bill Winters, the co-chief executive of JPMorgan’s investment banking division, is stepping down from his post to be replaced by Jes Staley, the current head of the bank’s asset management arm.
Steve Black, Mr Winters’ co-chief executive of the investment bank, will become executive chairman of the investment bank, working on the transition with Mr Staley to the end of 2010.
“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 chief executive officer of JPMorgan Chase. “Steve, Bill and the IB Management Team have built one of the strongest investment banks in the world, and I’m confident that together, Steve, Jes and the IB Management Team will continue to build on this success.”
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