JP Morgan Top Manager in Europe, Bill Winters, Quits; Jamie Dimon Restructures
Posted on | September 29, 2009 | No Comments
JP Morgan’s top manager in Europe, Bill Winters, has quit the company after a quarter century. He will be replaced by Steve Black who takes over as the London-based co-chief executive of JP Morgan. This ends one of the longest partnerships on Wall Street. Winters was often thought of as the successor to CEO Jamie Dimon and has been credited with helping JP Morgan avoid many of the problems that have hit other major banks and financial institutions.
Jamie Dimon wrote a memo to the staff, “With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process.” Jes Staley replaces Steve Black and Mary Erdoes will take Staley’s position. Steve Black and Staley will work together until the end of 2010 to make sure that there is smooth transition for this part of the organization.
Jamie Dimon made the following comment about Bill Winters, “Bill has been with this firm for 25 years and, along with Steve and the outstanding IB Management Committee, helped successfully steer the IB through one of the most tumultuous periods in our history.”
There is little doubt that JP Morgan avoided many of the pitfalls that have plaqued Bank of American and Citigroup over the last 18 months. It will be very interesting to see if the loss of Bill Winters hurts JP Morgan. He was a very valuable asset to the financial giant and it will take a very intelligent individual to replace him
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Author: Mike Garner
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