JP Morgan Chase has announced that Heidi Miller, president of its international business, will retire from the firm in early 2012. The company also announced new responsibilities for a number of other senior leaders in its US and consumer-related businesses.
Miller has played key roles throughout her more than 30 year career in banking and finance, including chief financial officer (CFO) of Citigroup and Bank One, a member of the Bank One board of directors and other large corporate boards, chief executive officer (CEO) of JP Morgan Chase’s treasury and securities services business, and most recently, president of international.
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. This is consistent with Miller’s recommendation that responsibilities for international activities be embedded back into the businesses. Importantly, Staley will partner closely with the CEOs of the firm’s other wholesale international businesses – Mike Cavanagh in treasury and securities services and Mary Erdoes in asset management.
Separately, Charlie Scharf, CEO of retail financial services, will become a partner in One Equity Partners, the firm’s private equity arm. Scharf’s years of senior operating experience and his financial expertise will be extremely valuable to the firm’s private equity franchise. He will also continue to work with the consumer team to help transition the business and assist in any way possible.
Todd Maclin, head of the commercial bank, 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. He will continue as CEO of the commercial bank. Maclin has partnered closely with the retail team and branch network over the years, as he has helped build the firm’s industry-leading commercial bank. Doug Petno, chief operating officer (COO) of the commercial bank, will continue in his role reporting to Maclin.
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