Future JPMorgan boss shuffles top management chairs
(24 September 2004 – USA) JP Morgan Chase chief executive in waiting Jamie Dimon has begun shaping his future management team with the bank’s CFO resigning and the third most senior executive having his responsibilities drastically reduced.
Dimon, who is currently president and chief operating officer, takes up the reins as CEO in 2006. He came to JPMorgan via the acquisition of Bank One last July for US$58 billion.
Current CFO Dina Dublon had been with the bank for 23 years but said she was leaving to pursue other opportunities. She will be replaced by former Citigroup staffer Michael Cavanagh.
JPMorgan’s third most senior executive David Coulter will move to Los Angeles to head up the bank’s West Coast operations.
In further US news, Morgan Stanley said its quarterly profit dropped 34 percent due to reduced trading in slowing markets.
The New York based bank said its net income dipped to US$837 million for the quarter to August 31 down from US$1.27 billion a year earlier.
Current CFO Dina Dublon had been with the bank for 23 years but said she was leaving to pursue other opportunities. She will be replaced by former Citigroup staffer Michael Cavanagh.
JPMorgan’s third most senior executive David Coulter will move to Los Angeles to head up the bank’s West Coast operations.
In further US news, Morgan Stanley said its quarterly profit dropped 34 percent due to reduced trading in slowing markets.
The New York based bank said its net income dipped to US$837 million for the quarter to August 31 down from US$1.27 billion a year earlier.
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