“Two weeks ago, Daniel E. Pinto was named the sole chief executive of JPMorgan Chase’s sweeping corporate and investment bank. Now, he is leaving his first major mark on the unit.
“Mr. Pinto announced a number of executive shifts within his division on Monday, according to an internal memorandum reviewed by DealBook. The moves will simplify the chains of command, as well as give bigger roles to veteran executives.
“They come as Mr. Pinto assumes sole responsibility for a business he previously led with Michael J. Cavanagh, who announced two weeks ago that he was leaving to work for a longtime client, the private equity firm Carlyle Group. The departure of Mr. Cavanagh was the latest by a senior executive at the bank in recent years.
“The moves by Mr. Pinto are intended, in part, to emphasize what insiders call a deep bench of management talent. In the memo, Mr. Pinto emphasized that the leadership of the corporate and investment bank had spent an average of 14 years at JPMorgan.”
Read full NY Times article here.