Richard Kovacevich's decision to step down as chairman of Wells Fargo after 23 years with the bank opens the door for president and CEO John Stumpf to take the helm of the $1.3 trillion-asset bank. The long-expected transition takes place at year's end. Kovacevich, 65, will retire in 2010.
Jes Staley moved from head of asset management to chief executive of JPMorgan Chase's investment bank, which places him in line to eventually succeed Chase chairman and CEO Jamie Dimon. Mary Callahan Erdoes will take Staley's role and join Chase's operating committee.
Tom King, Citigroup's top European investment banking executive, has left after 20 years and, according to reports, was expected to join Barclays PLC's investment bank in a senior post.
Iberiabank Corp. in Louisiana named Michael Brown to vice chairman/ COO, and Jefferson Parker as vice chair over brokerage, trust, wealth management.
The chief executive of Spain's BBVA, Jose Ignacio Goirigolzarri, will be stepping down. BBVA has built up $60 billion in U.S. assets from domestic acquisitions, including Compass Bancshares and the failed operations of Texas-based Guaranty Bank.
Liam McGee, the former head of consumer banking at Bank of America, has been named chief executive officer at the Hartford Financial Services Group. He replaces Ramani Ayer.
The $1.7 billion-asset Bank of North Carolina in High Point named Richard D. Callicutt as president and chief operating officer.
