JPMorgan Chase & Co. , which is gearing up for major changes with President Obama’s new guidelines for big banks, named Steve Black the new vice chairman of the company on Thursday.
Black, 57, has been with the company since before the crash and had been serving as executive chairman of the investment bank since September. Prior to this fall, Black was a co-CEO of the investment bank,
Black helped the bank generate $3.28 billion during the final quarter of 2009 and $11.7 billion for the year.
Jes Staley, who began as sole CEO of the investment bank in September will take on full responsibility for the operations of the investment banking division.
Prior to this decision, Black has plans continue as executive chairman through the New Year. Following the new development, he is contracted to remain with JPMorgan Chase for another three years.
JPMorgan Chase have risen 51 cents to $39.84 since the announcement.
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