J.P. Morgan Chase & Co. shuffled some of its management ranks once again Thursday, naming a new head of its commercial bank and a new chief risk officer, according to a memo from Chief Executive Jamie Dimon.
Among the moves, Doug Petno will become the head of the commercial banking unit, which deals with middle-market companies. Petno had been chief operating officer for the commercial bank and had been expected to take over the unit from Todd Maclin, who was named head of retail banking in a June reshuffling.
Petno also was named to the bank's operating committee, the group of executives that most closely advises Dimon.
Maclin had maintained both the commercial bank and retail bank CEO titles since June, with Petno waiting in the wings. Dimon's memo said Maclin will now work more closely with Gordon Smith, who runs the credit-card, auto-loan and student-loan operations, creating a more integrated Chase unit.
"It has become clear to our leadership team that we should run the Chase consumer business as one business and one brand--one that focuses first and foremost on serving our customers in the way they want and with the products they need," Dimon wrote, calling Maclin and Smith "effectively co-CEOs."
Meanwhile, the bank named John Hogan as the new chief risk officer for the whole bank after he held that position in the investment banking operations, J.P. Morgan's largest unit. Hogan was also named to the operating committee.
Barry Zubrow, who had been chief risk officer, is changing to lead corporate and regulatory affairs, a key position as the bank learns to wade through new rules and new regulators.
Jay Mandelbaum, who had headed the bank's strategy and business development and was a member of Dimon's inner circle, is leaving the bank in about six months.
Dimon said Mandelbaum would "work closely with me and the Operating Committee to complete some key strategy and new-product initiatives" before leaving, adding, "I will miss him tremendously."
David Benoit is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.
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