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JP Morgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

will all be under Jamie Dimon's thumb by year's end.

The nation's third-largest bank said Thursday that William Harrison will officially step down as chairman on Dec. 31. Dimon, already the company's CEO, is expected to assume the chairman's post, the bank says.

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The change in leadership has been in the works ever since JP Morgan merged with Bank One in 2004. Harrison had been the top executive at JP Morgan when the deal was struck, while Dimon was chief executive officer of Bank One.