JPMorgan Chase named Barry Sommers the news CEO of Chase’s Consumer Bank in an announcement earlier today. Sommers has been serving as the CEO of Chase Wealth Management since 2010, according to a statement released today by the bank.
At Chase Wealth Management, which handles the bank’s relationship with its most affluent customers, Sommers has grown the division’s deposits and investments by more than 40%, Chase reported. He also led Chase’s efforts to expand its Private Client service for wealthy individuals from 4,000 customers in 2010 and to more than 100,000 today.
He will continue to report to Gordon Smith, Chase’s CEO of Consumer and Community Banking, in his position, the statement said.
Sommers will be filling the position left open by Ryan McInerey, who is leaving Chase to become the president of Visa, Chase added. McInerey will stay on at Chase for a short time during the transition period until Sommers takes on the role.
Sommers originally joined JPMorgan Chase through the Bear Stearns merger; he was a manager at Bear’s brokerage business. He joined the organization in 1996 after a stint at Goldman Sachs.