JPMorgan Chase on Wednesday revealed another overhaul of its operations, saying in an internal memo that it would reorganize its corporate and investment banking division.
The latest change, coming a little more than a month after a broad reshuffling of the bank's upper echelons, breaks up the division into two separate units. As part of the switch, Craig Hernandez, who held the reins of the equities business, will now head up prime brokerage services for the bank's hedge fund clients. Tim Throsby will take over as global head of equities.
JPMorgan, the nation's largest bank, reorganized some of its units in July, combining its consumer businesses under one group, and its investment banking and treasury operations under another. The revamp came in the wake of a $5.8 billion loss on a soured bet on credit derivatives.
In just over a year, JPMogan has shaken up its executive suite four times. Last week, the bank announced that Craig Delany, who was most r ecently the chief operating officer of JPMorgan's mortgage banking unit, would take the helm of the chief investment office, the troubled unit at the center of the trading losses.
