Top JPM Exec Takes Over The Top Job At Visa

Charlie Scharf

Photo: JP Morgan

Jamie Dimon’s longtime right-hand man is leaving the bank to become the CEO of Visa.Charlie Scharf will leave his post as the head of JPMorgan’s private-equity shop for Visa on Nov. 2, according to the Wall Street Journal’s David Benoit.

Scharf has followed Dimon through a number of institutions and was once considered a potential successor to the JPM chief. Before his current role, Scharf was the head of retail banking, a position he relinquished after management changes last year. 

According to Benoit:

“The move was viewed as removing Scharf from a key day-to-day operation for the bank, taking him out of the spotlight into a much less prominent position.” 

Scharf will take over for Joseph Saunders at Visa in a change that had been planned for some time. Saunders will remain chairman of the credit card company until the end of March. 

This is the latest in an exodus of top execs from the bank. In the past three years, six executives have left Dimon’s operating committee.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.