Di Iorio's departure is a blow to JPMorgan. Since he became CEO in 2011, JPMorgan Global Wealth Management has achieved record revenue every year, and through the second quarter of this year. Under Di Iorio the private bank moved away from products, focusing instead on providing advice and investment ideas to clients. Since 2011 its assets have grown more than 50% and net new clients have increased around 25%.
Speaking to Euromoney last year, Jes Staley – now at Barclays, but in the past the head of JPMorgan’s equity capital markets group and former head of private banking, said of Di Iorio: "Phil personifies the values that one would hope for in a fiduciary institution like the private bank. I’ve seen him turn away business time and time again because he did not think it was in the best interest of his client.
"That level of integrity is rare."
Announcing Di Iorio’s departure, JPMorgan CEO Jamie Dimon said: “Wealth Management is a critical business for JPMorgan Chase and it has thrived under Phil’s leadership. He’s a terrific leader who has consistently grown the business every year as CEO. We wish him all the best.”
Succession plans have not yet been announced, but Di Iorio will be with the firm until the end of the year to ensure a smooth transition. In his early 50s, Di Iorio lives in New Jersey with his wife and their three teenage boys.