JPMorgan Chase (JPM) Vice Chairman Steve Black, who has headed the company's investment bank for five years, will step down early next year after a decade with the company, The Wall Street Journal reported Wednesday.
Black, 58, joined JPMorgan in 2000 as the head of its global equities unit after working with JPMorgan CEO Jamie Dimon at Citigroup (C). He was considered key to JPMorgan's acquisition of Bear Stearns, according to the Journal. Black told the newspaper he may consider working for a hedge-fund or private-equity firm next.
Black was named vice chairman early this year amid a shuffle in management that moved former asset-management division head Jes Staley into the lead role at JPMorgan's investment bank, the Journal reported.