JPMorgan reshuffles management

JPMorgan has reshuffled the management team in its corporate and investment banking businesses as it continues to reorganise.

The US bank on Tuesday promoted Don McCree to the position of global head of corporate banking and treasury services, according to an internal memo.

This business line is part of global banking, which Mr McCree will run alongside Jeff Urwin, who will continue as global head of investment banking.

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The changes are part of a reorganisation this July, in which JPMorgan created a joint corporate and investment bank by bringing together its investment bank with its treasury and securities services businesses.

At the time, it promoted Mike Cavanagh, previously head of treasury and security services, and Daniel Pinto, former global head of fixed income, to co-chief executives of the corporate and investment bank.

The overhaul came after a $5.8bn trading loss in another unit of the bank this year and was widely seen as a move to line up potential successors for Jamie Dimon, the bank's chief executive.

In the current reshuffle, Greg Guyett, head of the corporate bank, will step aside and his new position is still unclear. "In the months ahead, Greg will help Jeff and Don to manage the transition before taking on his next role in the company," JPMorgan said in the memo.

The reshuffle also triggers a change at the bank's regional operations, with Nicolas Aguzin being appointed as deputy chief executive of Asia Pacific.

"Gucho", as he is known internally, will relocate to Hong Kong and will take over the chief executive role in Asia Pacific from Mr Urwin in the course of next year.

Mr Aguzin was previously chief executive of Latin America and will be replaced in this position by Martin Marron, who heads the Americas sales and trading business since 2007.