(Updates with the name of the wealth management business in the first paragraph.)
By Michael Calia
J.P. Morgan Chase & Co. (JPM) said Monday it had named Michael Boardman to take over as chief executive of its Chase Wealth Management business.
Mr. Boardman, who has a 25-year career in wealth management, joins J.P. Morgan from U.S. Bancorp (USB), where he was president of that firm's private client reserve business. He will report to Barry Sommers, CEO of the company's consumer bank operations and previous chief of the Chase Wealth Management business.
The change comes at a tumultuous time for J.P. Morgan, which has been under intensified regulatory scrutiny. The company recently reached a deal with the U.S. Justice Department to pay a record $13 billion to settle a number of cases regarding its mortgage-backed securities business. Earlier this month, the company posted its first quarterly loss since Chief Executive and Chairman Jamie Dimon joined the bank.
Additionally, Mr. Dimon stepped down over the summer as the chairman of J.P. Morgan's main banking subsidiary following regulatory pressure.
Shares of the company closed down 9 cents at $52.68 Monday. The stock is down 5.9% over the past three months.
Write to Michael Calia at email@example.com
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(END) Dow Jones Newswires
October 28, 2013 17:10 ET (21:10 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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