JPMorgan management shuffle ignites succession talk

JPMorgan Chase has tapped Jes Staley as CEO of the institution's investment banking division in a rare management shake-up. Staley succeeds JPMorgan's investment banking co-heads Steve Black and Bill Winters, who had hoped to succeed James Dimon as CEO of the company, sources said. Black had planned to retire in 2010. "The external perception is that this is a very cohesive management team that works well together," said banking analyst John McDonald of Sanford C. Bernstein. "To see what looks like the sudden departure of someone who was perceived to be in the inner circle is surprising."

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