JP Morgan Chase & Co’s (NYSE: JPM) New Investment Banking Chief Announces Management Reorganization Plan

JP Morgan Chase & Co (NYSE: JPM) recently named Jes Staley as it’s a new head for its investment banking division and Staley is reorganizing the unit that combines its various fixed income businesses under two co-manages, according to a recently leaked internal memo.

Last month, JP Morgan chased reported a bumper $3.6 billion third-quarter profit, driven largely by its fixed income unit. JP Morgan Chase’s new investment banking management structure will bring the company more in line with what other Wall Street Firms are doing that combine their fixed income businesses.

The two executives that will head the combined fixed-income unit will be Matt Zames and Daniel Pinto. Zames had previously headed JP Morgan’s foreign exchange, rates, tax-exempt capital markets. Pinto had previously been the head of credit and emerging markets.

Executives that had previously reported to the head of global sales, Tony Best, will now report directly to the combination of Zames and Pinto. According to the leaked memo, Best is in discussions with Staley to take on another role at the firm.

JP Morgan Chase, the nation’s second largest bank by assets, will continue to have a separate fixed income hybrids and exotics unit, which will be lead by Venu Thirunamachandran.

As part of the reorganization plan, Staley is establishing an 11-person operating committee to manage its investment banking efforts. The committee will meet weekly and include Pinto and James, according to the memo.

Jes Staley, who was formerly JP Morgan Chase’s head of asset management, was named the chief executive of the investment bank as part of a greater management shuffle in the company.