In a series of moves that are considered to not only reflect challenges in its retail banking business but also to clarify possible successors to CEO Jamie Dimon, JPMorgan Chase & Co. (New York) announced several senior executive changes. Charlie Scharf, who has been CEO of Retail Financial Services, will become a Partner in One Equity Partners, the firm's private equity arm.
"Charlie has played a critical role in building our Retail franchise into one of the top players in the industry -- successfully integrating the Bank One, Chase, Bank of New York and Washington Mutual businesses and helping expand our branch footprint across the United States," said Dimon in the company's official announcement.
Scharf will be replaced by Todd Maclin, head of JPMorgan Chase's Commercial Bank, who will assume additional responsibilities for the company's Retail business (including the branch network, consumer franchise, small business banking and the Chase private client business). Maclin will continue as CEO of the Commercial Bank. Doug Petno, Chief Operating Officer of the Commercial Bank, will continue in his role, reporting to Maclin.
Also, Dimon confirmed that Heidi Miller, President of JPMorgan Chase's International business, will retire from the firm in early 2012. Miller has played key roles throughout her 30-plus-year career in banking and finance, including CFO of Citigroup and Bank One, a member of the Bank One Board of Directors and other large corporate boards, CEO of JPMorgan Chase's Treasury & Securities Services business, and most recently, President of International.
"Heidi has been a valued member of our Operating Committee and a trusted advisor to me over the years, and she has also served as a role model to countless others inside and outside of our firm," Dimon said in the company statement. "In her role as President of International, Heidi worked closely with our key business leaders to help develop a comprehensive and coordinated international business strategy, growth plan and governance structure. She furthered our efforts in expanding the ranks of our global corporate bankers, and she helped us do a better job deepening and coordinating our client coverage efforts around the world."
Jes Staley, CEO of the firm's Investment Bank, will assume additional responsibility for overseeing and coordinating the firm's international franchise across all of its businesses. According to the bank, this is consistent with Miller's recommendation that responsibilities for international activities be embedded back into the businesses. Staley is expected to partner with the CEOs of the firm's other wholesale international businesses -- Mike Cavanagh in Treasury & Securities Services and Mary Erdoes in Asset Management.
Gordon Smith, CEO of Card Services, will take on additional responsibility for JPMorgan Chase's Auto Finance and Student Lending businesses. Also, in what the bank says is a move to better leverage the power of the Chase brand and ensure more consistency, Smith will assume a new role managing all Chase-branded marketing across Chase products and services. In this role, he'll reportedly partner closely with senior marketers across the firm's business and corporate functions.
Finally, Frank Bisignano, Chief Administrative Officer and Head of Home Lending, will continue in both of these roles.