JPM Shuffles Auto Finance, Consumer, Wealth Management Heads

JPMorgan Chase's Thasunda Duckett has been named chief executive officer of consumer banking as part of one of the bank's periodic management reshufflings.

Duckett, who was previously CEO of the bank's auto finance arm, is succeeding Barry Sommers, who was named a co-CEO of JPMorgan Wealth Management and Investment Solutions, a newly created unit serving the firm’s clients across the wealth spectrum, according to an internal memo shared with American Banker on Tuesday.

Duckett had led auto finance since 2013, managing a portfolio of more than $60 billion in assets and relationships with 75% of U.S. franchised automotive dealers. Before that, she led national sales for mortgage banking. She was named one of American Banker's 25 Women to Watch in 2015 and 2016.

In her new role she will oversee a banking network with more than $807 billion in deposits and investments, 5,300 branches and more than 47,000 employees, including 3,000 financial advisers. The bank will name her successor "shortly," Gordon Smith, CEO of consumer and community banking, said in the memo, and in the interim the auto finance leadership team will report to him.

Sommers joined the consumer and community banking side of JPMorgan from asset management six years ago. In his new role he will oversee the client business — including JPMorgan Private Bank, JPMorgan Securities and Chase Wealth Management — with Brian Carlin. As the co-CEO in charge of investment and banking solutions, Carlin will be responsible for wealth management platforms and oversee the digital wealth management and institutional wealth management businesses.

Carlin worked in asset management for 15 years, serving as chief financial officer for the last three. Before that he ran products and investments in JPMorgan's private bank.

The reshuffling is the latest example of the company's strategic approach to ensuring its executives are well versed in all the company's businesses and fully understand the breadth of the organization.

Earlier this year, Eileen Serra, then chief executive of the Chase Card Services unit, stepped down to advise the company on growth initiatives. Kevin Watters, who was previously CEO of mortgage banking, took her place.