Now raising intellectual capital
It’s a natural impulse of journalists to herald a top-level corporate management shake-up as setting the stage for a new heir apparent to a strong-willed chief executive. And not surprisingly, that’s how some in the financial media are reacting to news of today’s changing of the guard of JPMorgan Chase’s investment banking division.
But it’s way to premature to draw any conclusions from the announcement that Jes Staley will become sole CEO of the investment bank, following the departure of Bill Winters and the elevation of Steve Black to a new post within the investment bank.
Winters and Black had been co-CEOs of the investment bank. Black is being bumped-up executive chairman of the investment bank and will work with Staley as he becomes sole CEO sometime next year.
But this doesn’t necessarily mean Staley, 53, becomes the man to succeed Jamie Dimon as the big kahuna at the head of the entire banking enterprise.