JP Morgan eases out Winters, promotes Black

JP Morgan has announced changes to senior leadership  in its investment banking business, promoting co-chief executive Steve Black, while letting go the other co-head, Bill Winters.

An official at the bank explains the reshuffle was part of the bank’s succession planning for Jamie Dimon, chief executive and chairman of JP Morgan. While Dimon has no plans to leave the bank, he was encouraged by the board to prepare a plan for his replacement, the official adds.

“With the credit crisis largely

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