JPMorgan Chase & Co. on Thursday named Steve Black vice chairman of the company.
Black had been serving as executive chairman of the investment bank since late September. Before that he was a co-CEO of the investment bank, one of JPMorgan Chase’s most profitable divisions.
Black, 57, helped oversee the investment bank through one of the roughest patches in the financial sector since the Great Depression. As the credit crisis eased last year, the division thrived and helped the bank post big profits. JPMorgan Chase earned $3.28 billion during the fourth quarter and $11.7 billion for all of 2009.
Jes Staley, who took over as CEO of the investment bank in September from Black and Bill Winters, will now be solely in charge of running the investment banking division.
Black was originally planning to stay on as executive chairman of the investment bank through 2010. Black will remain with JPMorgan for at least three years following the change in roles, according to a memo CEO Jamie Dimon sent out to employees.
Dimon said the transition to Staley as head of the investment bank has been quick and smooth, allowing Black to move onto other tasks, such as focusing more on advising clients. In the new role, Black will also work on global growth strategies and represent the bank on regulatory matters. (AP)
