JPMorgan Chase (JPM) shuffled some of its high-ranking executives and streamlined its investment and retail banking operations Friday.
The New York company's investment banking, global corporate banking and treasury and securities services will be combined into a single corporate and investment bank.
Jes Staley, the chief executive of the investment bank, will become chairman of the new unit. He will head a group of senior executives who focus on client needs, technology, global regulatory reform and investment flows.
Mike Cavanagh, head of treasury and securities services, and Daniel Pinto, head of Europe, the Middle East and Africa and global fixed income, will become co-CEOs of corporate and investment bank.
The consolidation will create a "shared balance sheet that can more effectively deliver credit to clients in the form most helpful to them, as well as the benefits of scale that come from combined resources, infrastructure and technology," JPMorgan said in its press release.
On the retail side, Todd Maclin and Gordon Smith will be co-CEOs of consumer and community banking. This unit will include consumer and business banking, card and auto and eventually mortgage banking.
Maclin will shift to chairman of the unit at the end of 2013, giving Gordon sole control at that time.
Frank Bisignano, who is also chief administrative officer of the firm, will transition from heading JPMorgan's mortgage banking unit to serving as co-chief operating officer for the entire company. Smith will take over the mortgage banking business in early 2013.
Matt Zames will become co-COO with Bisignano while remaining as head of the chief investment office and mortgage capital markets. Zames will have finance and regulatory affairs reporting to him while Bisignano will be responsible for technology and operations, security and resiliency, real estate, procurement and general services.
The asset management and commercial banking businesses will remain separately managed. Mary Erdoes will continue as CEO of asset management, and Douglas Petno will remain as head of the commercial bank.
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