Could this be accountability?
Management shuffle at JPMorgan
DAVID HENRY and JED HOROWITZ, Reuters
Published Friday, Jul. 27 2012, 12:37 PM EDT
JPMorgan Chase & Co. chief executive Jamie Dimon reshuffled managers just below him, signalling that the biggest U.S. bank is preparing for life after its famed boss.
The management moves will mean a number of senior positions are jointly held by two executives. Analysts said the shared responsibility is a response to the trading losses that came from the bank’s chief investment office.
This is at least the third management shakeup in three years for the bank, which has long faced questions about who would lead it after Mr. Dimon, 56, steps down. In a June 2011 shakeup, reporting lines were streamlined.
Maybe not so much.
Mr. Dimon has said he likes to move promising executives around to give them experience in different parts of the bank, a management philosophy popularized by General Electric Co. The moves were being lined up earlier this year, but were delayed when multibillion-dollar losses surfaced in a portfolio of credit derivatives, bank spokesman Joseph Evangelisti said.