Shapiro to quit JP Morgan Chase; Winters promoted

Marc Shapiro, head of finance and risk management at JP Morgan Chase, will retire from the bank at the end of next year. Confirmation of Shapiro’s departure came amid a management reshuffle announced by chairman and chief executive, Bill Harrison, which saw Bill Winters, co-head of credit and rates, promoted to deputy head of investment banking.

"Marc has been discussing with me for some time his desire to return to Texas at the end of 2002, so I am extremely pleased that he has committed to continue in his current responsibilities for an additional year through the end of 2003," Harrison said.

Geoff Boisi, co-head of JP Morgan Chase’s investment bank, emerged as the main loser in the restructuring. “[He] has decided to leave the firm after a period of transition,” Harrison said. But Boisi, one of the architects behind the merger of JP Morgan and Chase Manhattan, was said to have fallen out with senior colleagues at the bank.

David Couter, previously chief executive at Bank of America, was the chief beneficiary. Couter, head of JP Morgan Chase’s retail and middle-market financial services business, will swap jobs with Don Layton, JP Morgan Chase’s co-head of investment banking. With Boisi gone, it appears Couter now has complete control of investment banking.

Meanwhile, Steven Black, head of equities, like Winters, was named a deputy head of investment banking. Both Black and Winters were recently appointed to JP Morgan Chase’s executive committee. Walter Gubert remains chairman of the investment bank and senior executive in Europe.