JPMorgan Vice Chairman Stepping Down
NEW YORK (
) -- A top member of
JPMorgan Chase's
(JPM) - Get Report
management team will be leaving the bank early next year.
Steve Black, a close confidant of CEO Jamie Dimon who's now vice-chairman of the bank, recently informed Dimon of his decision to resign. In an interview with the
Wall Street Journal
, Black indicated that he's not sure of his next move, but may consider jobs in private equity or hedge funds.
"I've had a great run, but it's time to move on," Black told the
Journal
. "I want another chapter."
Black and Dimon have known each other for decades and worked together at
Citigroup
(C) - Get Report
in the 1990s. In a memo to staffers, Dimon called Black "one of the finest and most capable executives I have ever met."
Black, 58, co-ran the investment bank from 2004 until last year, when Jes Staley moved into that role. Under his tenure, the investment bank moved up the league table ranks and managed to double its revenue. He also oversaw the integration of Bear Stearns, which collapsed into JPMorgan's arms in March 2008.
"He steered that business through the most challenging financial crisis of our careers and helped it emerge even stronger," Dimon's note said, according to
Dealbreaker
.
-- Written by Lauren Tara LaCapra in New York
.
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