Staley handed chairman role in JPMorgan reshuffle
JPMorgan has reshuffled its senior management team, creating a new role of chairman for investment bank chief Jes Staley, as part of its plan to align its investment banking, treasury and securities services, and global corporate banking businesses under one division.
Staley, formerly chief executive of the investment bank, now becomes chairman of the combined corporate and investment bank, with responsibility for spearheading the bank’s strategic direction.
In a statement, JPMorgan said: “In this role, he will head a group of senior executives who will work together to develop a view of what global banking will look like in the years ahead. More specifically, the team will focus on changing client needs, the impact of technology, the extensive requirements of global regulatory reform, future trade and investment flows and other important issues.”
Staley remains on the firm's operating committee, and remains chairman of the international steering committee, where he has additional responsibility for overseeing the continued expansion of the firm’s client franchise internationally.
As a result of combining the three businesses under the corporate and investment bank, Mike Cavanagh, head of TSS, and Daniel Pinto, head of Europe, the Middle East and Africa, and global fixed income, become co-chief executives of the corporate and investment bank.
In addition, the global businesses of the corporate and investment bank will be organized into two main groups: banking, which will include investment banking, global corporate bank and treasury services; and markets and investor services, which will include fixed income, equities, commodities as well as prime services and securities clearing.
JPMorgan said that Cavanagh and Pinto will run the business as one, but that Cavanagh will be the “first point of contact for escalation and decision-making” for the banking businesses, with Pinto having a similar responsibility for markets and investor services.
Pinto and Cavanagh will join Staley as a member of the operating committee, all reporting to Jamie Dimon, chairman and CEO.
Furthermore, Matt Zames will remain head of the chief investment office and mortgage capital markets, and will also become co-chief operating officer of the entire firm with Frank Bisignano, formerly chief administrative officer, and head of mortgage banking.
In his co-COO role, Zames will also have finance and regulatory affairs reporting to him, the banks said, adding that Bisignano will be responsible for technology and operations, security and resiliency, real estate, procurement and general services. Both will remain on the firm’s operating committee.
JPMorgan said that its asset management and commercial banking businesses will remain separately managed from the other businesses, with Mary Erdoes continuing in the role as CEO of asset management, and Douglas Petno remaining head of the commercial bank.