Shake-Up at Top of J.P. Morgan (JPM) Hierarchy Expected - WSJ
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J.P. Morgan Chase & Co. (NYSE: JPM) is expected to have a shake-up in its management rankings soon.
After riding out arguably the worst financial crisis in a generation, commercial-banking chief Todd Maclin and top international executive Heidi Miller are expected to step down from their positions at J.P. Morgan fairly soon, the WSJ reported Monday morning, citing people familiar with the matter.
Miller is expected to retire, while Maclin will take another position within the firm.
Additionally, investment bank head Jes Staley has recently been questioned by subordinates about his strategy and direction. Staley has had his current position since 2009.
Investors may question whether or not changes at the top will affect CEO Jamie Dimon positively or negatively. Though Dimon said he plans to stay on as Chief for at least another five years, plans are under way for succession.
J.P. Morgan's next CEO is likely to come from within, selected from a pool of executives in their forties. WSJ names the following as possible candidates: Michael Cavanagh, who is in charge of J.P. Morgan's treasury unit, asset-management chief Mary Erdoes, retail-banking head Charles Scharf and investment-bank executives Matt Zames and Daniel Pinto. Chief Financial Officer Douglas Braunstein also could also emerge as a CEO candidate.
After riding out arguably the worst financial crisis in a generation, commercial-banking chief Todd Maclin and top international executive Heidi Miller are expected to step down from their positions at J.P. Morgan fairly soon, the WSJ reported Monday morning, citing people familiar with the matter.
Miller is expected to retire, while Maclin will take another position within the firm.
Additionally, investment bank head Jes Staley has recently been questioned by subordinates about his strategy and direction. Staley has had his current position since 2009.
Investors may question whether or not changes at the top will affect CEO Jamie Dimon positively or negatively. Though Dimon said he plans to stay on as Chief for at least another five years, plans are under way for succession.
J.P. Morgan's next CEO is likely to come from within, selected from a pool of executives in their forties. WSJ names the following as possible candidates: Michael Cavanagh, who is in charge of J.P. Morgan's treasury unit, asset-management chief Mary Erdoes, retail-banking head Charles Scharf and investment-bank executives Matt Zames and Daniel Pinto. Chief Financial Officer Douglas Braunstein also could also emerge as a CEO candidate.
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