JPMorgan Chief Dimon Promotes Petno to Oversee Commercial-Banking Division

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon shuffled part of his management team and recombined oversight of retail units that was split last year at the biggest U.S. bank.

Dimon promoted Doug Petno to run commercial banking and moved Chief Risk Officer Barry Zubrow to head regulatory, public relations and lobbying strategy, Dimon wrote today in an internal memo obtained by Bloomberg News. Joe Evangelisti, a spokesman for the New York-based bank, confirmed the memo’s contents.

John Hogan, who was managing risk at JPMorgan’s investment bank, will succeed Zubrow in overseeing risk companywide, according to the memo. Hogan also joined the firm’s 14-member operating committee, reporting directly to Dimon, 55.

Jay Mandelbaum, who ran strategy and business development, is leaving the firm to “focus on entrepreneurial and other interests,” Dimon wrote. “Jay has been an excellent partner of mine since 1992, and I will miss him tremendously.”

Todd Maclin, head of retail banking, and Gordon Smith, who runs the credit-card division, now are co-CEOs of consumer finance, according to the memo. In June, Dimon separated management of the retail bank into three divisions -- mortgage, retail banking and credit cards -- when the previous CEO of all three units, Charlie Scharf, was reassigned to the private- equity unit as a partner.

“It has become clear to our leadership that we should run the Chase consumer business as one business and one brand, one that focuses first and foremost on serving our customers in the way they want and with the products they need,” Dimon wrote.

Frank Bisignano, who was appointed in February to oversee the company’s mortgage division, will continue in that role, according to the memo.

Dow Jones Newswires reported on the memo earlier today.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.

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