JPMorgan’s Sommers, Carlin to Run New Wealth and Investment Unit

  • Duckett appointed head of consumer bank, replacing Sommers
  • Carlin to oversee wealth products, services and platforms

JPMorgan Chase & Co., the largest U.S. lender, named Barry Sommers and Brian Carlin as co-heads of a new unit that combines wealth management and investment services.

Sommers, previously head of the firm’s consumer bank, will be replaced in that role by Thasunda Duckett, who ran the lender’s auto-finance unit, the New York-based firm said Tuesday in internal memos.

Sommers will be chief executive officer of wealth management, and also will oversee the private bank and JPMorgan Securities globally, according to a memo from asset-management head Mary Callahan Erdoes. Carlin will be CEO of investment and banking solutions, responsible for wealth-management products, including investments, lending, banking, technology and operations. He was formerly chief financial officer of the asset-management unit.

“Barry and Brian bring a tremendous amount of experience and horsepower to our business,” Erdoes said in the memo. “They’ve worked together for years, and bring complementary experiences and backgrounds.”

Duckett, known as T, will report to Gordon Smith, CEO of the consumer and community banking unit. A new head of auto finance will be named shortly, according to a separate memo from Smith.

“Since joining Chase in 2004, T is universally known as a great partner across the firm,” Smith wrote.

The Wall Street Journal reported on the promotions earlier Tuesday.

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