Yesterday, JPMorgan Chase CEO Jamie Dimon announced that of Steve Black, the company’s vice chairman and former co-CEO of JPMorgan’s investment bank, will be leaving in early 2011. Dimon only had kind words for Black in a memo published by Dealbreaker:
He steered that business through the most challenging financial crisis of our careers and helped it emerge even stronger. I have deep respect and admiration for Steve’s partnership and have learned much from him through the years.
Previous reports had indicated that Black would be with the company until around 2013. Bloomberg has a lot more background:
Dimon replaced Black and Bill Winters, who jointly ran the investment bank since 2004, with Jes Staley last year. Winters, 49, was fired, and Black, 58, was named the unit’s executive chairman. Black lost all of his operational duties in January when he was promoted to vice chairman of the entire bank.
In an interview with Fortune‘s Duff McDonald, Black said that he’s not retiring, and that he doesn’t have many misgivings about playing second banana to Jamie Dimon, Everybody’s Favorite Banker: “When the outside world puts an individual like him on a pedestal and thinks that he’s the only person at the company who has any ability, sure, it can be a little frustrating. But that’s not the way Jamie acts. It’s not Jamie’s fault and it’s not because he governs that way,” said Black.
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