JPMorgan's Dimon Unceremoniously Anoints Heir: Today's Outrage
NEW YORK (
) --Investment banking rules at
JPMorgan
(JPM) - Get Report
, and that means Jes Staley is now heir to the throne.
JPMorgan announced today that
Staley will become the new CEO
of its investment banking unit, moving over from the asset management division he had been running.
The current co-CEOs of investment banking are transitioning out, with Steve Black temporarily becoming executive chairman until the end of next year and Bill Winters leaving the company.
"The timing was right to begin the succession process," reigning king Jamie Dimon said in a press statement announcing the C-suite shuffle.
Dimon didn't formally or officially say that this means Staley will be his successor as chairman and CEO of the entire company.
The anointing was rather unceremonious, spelled out in a convoluted press release detailing all the sundry management shifts.
Situations like this require subtlety, I guess.
Still, considering Dimon's own trials and tribulations as one-time heir of
Citigroup
(C) - Get Report
, we can expect a certain degree of resolve as he grooms Staley, a loyal lieutenant who started his career at JPMorgan and has been with the bank for 20 years.
Dimon, though, has only been ruling the roost at JPMorgan since 2006. So Staley may have a while to wait.
--Written by Glenn Hall in New York.
Glenn Hall is the New York-based Editor in Chief of
TheStreet.com
. Previously, he served as deputy editor and chief innovation officer at
The Orange County Register
and as a news manager at
Bloomberg News
in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at
The Journal-Gazette
in Fort Wayne, Ind. His work also has been published in a variety of newspapers including
The Wall Street Journal
,
The New York Times
and
International Herald Tribune
. Hall received a bachelor's degree in journalism and political science from The Ohio State University and a certificate in project and program management from Boston University.
