JPMorgan CEO of wealth management client business Barry Sommers has stepped down from his post.
Sommers will now “pursue interests outside of the corporate sphere”, the bank said in an internal memo.
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Sommers joined JPMorgan in 2008 after its takeover of Bear Stearns. He was in charge of the firm’s private banking and brokerage divisions.
He is expected to stay at the firm for the coming several months to support the transition process.
JPMorgan has now appointed Nicolas Aguzin as CEO of the group’s international private bank.
Aguzin currently serves as the head of banking for the Asia-Pacific region at JPMorgan.
“Nicolas is uniquely qualified for his new role, bringing a wealth of international experience — having managed our banking franchise across APAC, and prior to that, acting as CEO of JP Morgan in Latin America,” a bank spokesman said.
Further, David Frame has been appointed as the CEO of the firm’s US wealth management business.
Frame currently serves as the firm’s global head of client advice and strategy. In the new role, he will manage US Private Bank and JP Morgan Securities.
The latest management changes come shortly after the resignation of JPMorgan US private bank CEO Kelly Coffey.
Coffey has now been appointed as the CEO of City National Bank.
