JPMorgan Chase & Co. said Tuesday it is shuffling the management duties of its investment banking and asset management units.
The New York-based bank said Steve Black, 57, will become the executive chairman of the investment bank. He was previously co-CEO of the division along with Bill Winters, 48, who is leaving the company.
Black will stay on as executive chairman through the end of 2010 after stepping away from the day-to-day oversight of the investment banking division.
Jes Staley is taking over as CEO of the investment bank. Staley, 53, previously was head of the asset management division.
Staley will work closely with Black through the end of 2010, when he will assume sole leadership of the unit.
Mary Callahan Erdoes is replacing Staley as head of asset management. Erdoes, 42, was formerly CEO of the private bank unit.
JPMorgan’s investment banking unit has been among the best-performing in recent quarters as the credit crisis has eased. Profits in the investment bank more than tripled to $1.5 billion during the second quarter on higher underwriting fees and gains in its bonds business.
Those strong earnings helped propel the company to a $2.72 billion profit during the April-June period, even as loan losses piled up in the more traditional consumer banking operations cutting into profits.
JPMorgan has been able to take advantage of a decline in competition and its relative strength compared to other banks during the downturn. JPMorgan navigated the economic turmoil as one of the strongest banks in the country, and has already repaid its $25 billion in government bailout money it received last fall at the height of the crisis.
Copyright 2009 The Associated Press.