JPMorgan (NYSE:JPM) today announced senior leadership changes in its Investment Bank and Asset Management businesses. Bill Winters, JPM’s co-CEO of the Investment Bank, will leave the company. Winters will be succeeded by Steve Black, 57, who will become executive chairman of the investment bank (Winters and Black were deeply involved in the acquisition and integration of Bear Stearns. Both are long-time JPMorgan employees).
The company’s co-chief executives of its investment bank have been replaced by Jes Staley, 53, currently head of the bank’s asset management unit, possibly putting him in a position to succeed CEO Jamie Dimon.
“With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process,” Dimon said in a statement Tuesday.
Mary Callahan Erdoes, 42, who joined JPMorgan in the Private Bank in 1996 as head of Fixed Income for high-net worth individuals, foundations and endowments, will succeed Staley in managing the fund business.