Published December 04, 2012
JPMorgan Chase & Co said it was recasting responsibilities of some of its executives in corporate and investment banking after deciding in July to put two key business segments into one.
The steps, announced on Tuesday in an employee memo provided to Reuters, raise the profiles of two emerging markets specialists and leave an ambiguous status for Greg Guyett, who had held the title of chief executive officer of JPMorgan's global corporate bank.
The memo, from the two co-CEOs of JPMorgan's recently combined Corporate & Investment Bank, said they would integrate coverage of banking clients under two men: Jeff Urwin, who will continue as global head of investment banking, and Don McCree, the global head of treasury services who will now also oversee corporate banking.
Guyett, 48, will help Urwin and McCree with the transition "before taking on his next role in the company," the memo said. The memo, which did not say what Guyett will do next, praised him for increasing the bank's international revenue and expanding its wholesale banking services outside of the United States.
Under Guyett, global corporate bank revenue increased in 2011 by 29 percent in investment banking and 22 percent in treasury services, according to a February presentation by the company.
The memo also announced that Nicolas "Gucho" Aguzin, who has been CEO for Latin America, will move to Hong Kong to become CEO of Asia Pacific in 2013, following an interim step as deputy for that region reporting to Urwin. Aguzin has been at JPMorgan for 22 years.
Martin Marron, described as a 20-year veteran of JPMorgan, will be the new CEO of Latin America immediately. He has led sales and trading teams across Latin America, the memo said.
(Reporting by David Henry in New York; Editing by Lisa Von Ahn)