Jamie Dimon, chief executive of JPMorgan Chase, yesterday shook up the bank's top management team, ousting Bill Winters, co-head of investment banking, and anointing Jes Staley, a veteran banker, as likely heir for the top job.
Under the reshuffle, Mr Staley, who has been at JPMorgan since 1979, will take over the investment bank while Steve Black, the other co-head, becomes executive chairman of the unit. Mr Winters, who was instrumental in helping the investment bank steer clear of the worst of the financial crisis, will leave after 26 years with the company.
Mr Dimon, who was himself ousted as heir apparent at Citigroup more than a decade ago, said the moves were intended to clarify the bank's succession plans: “Choosing between two outstanding people is the hardest part of this job. Bill is an outstanding professional. He has expressed a desire to be his own CEO and I think that is entirely reasonable.”