JPMorgan’s vice-chairman to leave in 2011

5 November 2010

Steve Black, vice-chairman at JPMorgan Chase, is to step down from his position in 2011.

The executive, who is thought to be a close confidant of JPMorgan chief executive Jamie Dimon, was previously joint-head of the investment banking unit at the institution before being made vice-chairman last year.

Jes Staley was then appointed to the role of head of the investment unit following Mr Black’s move to his executive role.

In a memo to JPMorgan employees, which was leaked by Dealbook, Mr Dimon informed staff of his colleague’s decision to leave the firm.

He said: “I have known Steve for 30 years, and he is one of the finest and most capable executives I have ever met.

“Throughout our working relationship, he has always impressed me with his tremendous dedication to the firm, his candour and his strong character. He has done an outstanding job during his remarkable career at the firm.”

The departing post holder, who began his career in banking during the 1970s, took on the role of head of the investment banking unit back in 2004.

By Jim Ottewill

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