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JPM Asset Management CEO joins investment arm

JP Morgan Asset Management chief executive officer Jes Staley is moving to the firm’s investment banking business.

Staley will join JP Morgan Investment Bank as its new chief executive officer, while co-chief executive officer Steve Black will become executive chairman and co-chief executive officer Bill Winters will leave the firm.

JP Morgan Private Bank chief executive Mary Callahan Erdoes, will succeed Staley as JP Morgan Asset Management chief executive and will also join the firm’s operating committee.

JP Morgan Chase chairman and chief executive Jamie Dimon says: “With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process.

“Steve and Jes will work closely together and complete a smooth transition at the end of 2010.”

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