JPMorgan Chase & Co., the second-biggest U.S. bank by assets, named Douglas Petno chief operating officer for commercial banking.
Petno was previously head of investment banking for natural resources companies, JPMorgan said in an internal memorandum on Sept. 30. Its contents were confirmed by spokeswoman Tasha Pelio.
A veteran investment banker, Petno advised Exxon Mobil Corp. on its $31 billion purchase of XTO Energy Inc., and has been part of the JPMorgan team counseling BHP Billiton Ltd. this year on its $40 billion hostile pursuit of Potash Corp. of Saskatchewan.
Petno is being replaced by Eric Stein, previously head of investment banking in North America for clients in “diversified industries” such as General Electric Co., JPMorgan said in the memo. Kelly Coffey, the former head of corporate derivatives marketing for North America, takes Stein’s role.