JP Morgan Chase Vice Chairman Steve Black will leave the firm early next year, chief executive James Dimon said in an internal memoradum.
Black, 58, was co-CEO of the firm's investment bank division for five years, from 2004 to 2009, steering it through the financial crisis and playing a major role in the acquisition of Bear Stearns. He was named vice chairman last year when Jes Stanley was made sole CEO of the investment bank.
"I have known Steve for 30 years, and he is one of the finest and most capable executives I have ever met," Dimon said in the memo. "Throughout our working relationship, he has always impressed me with his tremendous dedication to the firm, his candor and his strong character. He has done an outstanding job during his remarkable career at the firm."
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