NEW YORK (

TheStreet

) --

JPMorgan Chase

(JPM) - Get Report

shuffled some executive desk chairs at its investment bank and asset management businesses on Tuesday.

The bank said Steve Black will now be the executive chairman of the investment banking unit. He formerly served as co-CEO. Jes Staley will take over the CEO spot at the investment bank after serving as head of asset management. Mary Callahan Erdoes will take the reins at the asset management business after serving as CEO of the private banking operations.

Bill Winters, who served as the other co-CEO of the investment bank, is leaving the company, JPMorgan said in a press release.

"With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process," JPMorgan Chase Chairman and CEO Jamie Dimon said in a statement.

-- Written by Sung Moss in New York

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