September 29, 2009 by USA Post
Bill Winters,JPMorgan Chase’s 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 unit’s co-chief executive for the last five years.
Steve Black, currently the investment bank’s other co-chief, will become executive chairman of the investment banking business, JPMorgan said in a press release Monday.
“With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process,” said Jamie Dimon, JPMorgan Chase’s chairman and chief executive, said in the statement, adding that Mr. Black and Mr. Staley hope to complete a “smooth transition at the end of 2010.”
Mr. Staley had been head of JPMorgan’s asset management unit since 2001. He joined the firm in 1979 and spent 20 years at the firm’s investment banking arm, JPMorgan said in Monday’s statement.
“Bill, 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,” 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 JPMorgan’s investment bank since 2004, when David A. Coulter, who had been the unit’s sole chief executive, was made chairman of the investment bank. The following year, Mr. Coulter left JPMorgan to join a private equity firm.
JPMorgan didn’t indicate what Mr. Winters would be doing next. In Monday’s statement, he said he was “looking forward to my next professional challenge.”
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