JPMorgan Chase's vice chairman, Black, will depart
Wednesday, November 3, 2010; 5:35 PM
NEW YORK -- JPMorgan Chase & Co.'s vice chairman Steve Black is planning to step down from his job in early 2011. Black, who is 58, had previously been head of the company's large investment banking business.
In January, Black was moved out of the investment banking job in a management reshuffle and was named vice chairman to work with global clients. Black, considered one of Wall Street's most powerful bankers, co-ran the JPMorgan's investment banking unit for five years.
Black was replaced by 54-year-old Jes Staley, a move that had been widely expected as part of the process to line up an eventual successor for CEO Jamie Dimon, who is also 54. Anybody who succeeds Dimon will need the experience of running investment banking, which is considered the riskiest side of the company.
JPMorgan Chase is one of the country's largest financial institutions. It has a large and powerful investment bank, as well as a major consumer bank and credit card business under the Chase brand.
Dimon announced the personnel changes in a memo Wednesday.