JPMorgan’s co-chief executive officer of the investment bank Bill Winters is leaving the bank.
Update: For a look at what’s going on behind the scenes, click to our in depth coverage of the executive shuffle at JPM.
Steve Black, who served as co-CEO alongside Winters, will become executive chairman of the investment bank.
The big winner is Jes Staley, who runs the asset management unit. He has been named CEO of the investment bank and is now considered most likely to succeed Dimon.
Jamie Dimon said in a statement: “With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process. We want to thank Bill for his exceptional service to this firm and wish him the best.”
Mary Callahan Erdoes, CEO of the private bank, will succeed Staley in managing the fund business.