JPMorgan just promoted a rising star in its biggest business

Thasunda Duckett JPMorgan

JPMorgan just announced a change at the top of its consumer banking business.

The US bank has named Thasunda Duckett as CEO of the consumer bank, reporting to Gordon Smith, CEO of consumer and community banking.

“T is an extraordinary leader and talent,” Smith said in a memo announcing the appointment. “For anyone who knows T, you know she has both great IQ and EQ.”

The new role puts Duckett, who was previously CEO of Chase Auto Finance, at the heart of JPMorgan’s biggest business. Consumer and community banking generated $11.5 billion in revenue in the second quarter, with $2.7 billion in net income.

Duckett replaces Barry Sommers, who is moving to a new unit called Wealth Management and Investment Solutions. That unit will combine the wealth management businesses across asset management and consumer and community banking, according to a separate memo from Mary Erdoes, CEO of asset management at JPMorgan.

Sommers will become CEO of wealth management, while Brian Carlin will become CEO of investment and banking solutions. Carlin will also oversee the bank’s digital wealth management and institutional wealth management business.

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