JPMorgan Chase today announced senior leadership changes in its investment bank and asset management businesses.
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 Black. Mary Callahan Erdoes, CEO of the private bank, will succeed Staley as the CEO of asset management. Bill Winters, co-CEO of the investment bank, will leave the company.
"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. He added, "Steve and Jes will work closely together and complete a smooth transition at the end of 2010. 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."
Of Winters' departure, Jamie Dimon said, "Bill has played a critical role in building the great investment bank we have today. Together with Steve, he helped steer the business through one of the most tumultuous periods in our history and emerge from it even stronger. We want to thank Bill for his exceptional service to this firm and wish him the best."
According to this morning's Wall Street Journal, Dimon called Winters last weekend to tell him he was making Staley the sole CEO of the investment bank. "After a brief talk with Mr. Dimon about possibly staying on in a lower-profile job, Mr. Winters, an expert in trading and risk management, told Mr. Dimon on the call that he would prefer to simply leave the company," the paper reported.
A columnist for the London Evening Standard yesterday had connected Winters' departure with remarks he made during a debate hosted by the Investment Management Association on Monday, at which he described fellow bankers as "greedy" and "inept." If the Journal is correct, Winters already knew he was leaving when he made his comments.
Jes Staley began his career at J.P. Morgan in 1979 and worked in the investment bank for 20 years.
Mary Callahan Erdoes joined J.P. Morgan in the private bank in 1996 as head of Fixed Income for high-net worth individuals, foundations and endowments.