J.P. Morgan Chase
named David Coulter to head its investment bank and said Geoffrey Boisi, the unit's co-head, is leaving the company. Coulter was J.P. Morgan's head of consumer banking and is the former chairman of
Bank of America
Donald Layton, currently co-head of the investment bank, will take Coulter's former job.
"The changes outlined today will help us build on our strengths and successes," said CEO William Harrison. "We are committed to bolstering teamwork, better integrating our businesses and further streamlining our management structure."
Coulter will continue to be responsible for investment management and private banking, headed by James Staley, and Layton will remain in charge of treasury and securities services.
J.P. Morgan has seen a sharp downturn in its investment banking operations this year amid weak equity markets and lower merger and acquisition activity. The firm's private banking operations have also suffered from poor investments, mostly in the telecommunications sector.
Vice Chairman James Lee was named chairman of investment banking North America, and Walter Gubert remains chairman of the investment bank and senior executive in Europe.
In addition, Steven Black, head of equities, and William Winters, co-head of credit and rates, have been named deputy heads of the investment bank, while retaining their current roles.
New York State Attorney General Eliot Spitzer has issued a subpoena to J.P. Morgan along with a handful of other brokerages in his ongoing investigation of alleged conflicts of interest on Wall Street.