JPMorgan Shifts Black to Vice Chairman - TheStreet

JPMorgan Shifts Black to Vice Chairman

JPMorgan Chase named Steve Black to the vice chairman position on Thursday, giving Jes Staley sole control of its investment bank operations.
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JPMorgan Chase

(JPM) - Get Report

has named veteran investment banker Steve Black to the role of Vice Chairman.

During a

management shuffle

last September, Black, who had been the co-head of JPMorgan's investment bank business along with Bill Winters, moved into the position of executive chairman of the division. The move was in conjunction with the promotion of Jes Staley to CEO of the investment bank, and the departure of Winters, who had been with the company for 25 years.

Staley will now have sole responsibility for the investment bank and report to Chairman and CEO Jamie Dimon, JPMorgan said. Black will continue to report to Dimon and serve on the firm's operating committee.

"Steve led the investment bank through one of the most difficult and complex times in our history, and helped build it into the market leader it is today," Dimon said in a statement. "The transition to Jes Staley as CEO of the investment bank has gone smoothly and quickly, and Steve has said that he would like to focus more of his time on advising our clients."

In his role as Vice Chairman, Black will work with the firm's largest global clients, including governments, financial institutions and investors; advance the firm's international growth strategy and represent the firm with global regulatory and monetary authorities as one of its most senior executives, JPMorgan said.

"With the leadership transition completed, I am ready to step away from the day-to-day management of the Investment Bank to focus on something else I love to do -- work with clients," Black said. "The issues our clients are facing are more complex than ever and many are asking for deeper engagement from our senior team. I'm looking forward to shifting my attention to our global clients and leveraging what I have learned in my career to help them however I can."

JPMorgan's stock was up 1.25% to $39.83 in recent trades. Volume of roughly 40 million shares was already slightly above the issue's trailing three-month daily average.

--Written by Laurie Kulikowski in New York.