JPM Makes Steve Walker Head of Middle-Market Unit

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JPMorganChase (JPM) has promoted a regional executive to lead its commercial banking unit that serves midsize businesses.

Steve Walker will oversee the unit that serves companies with $20 million to $500 million of revenue, JPMorgan said in a news release Monday. It has more than 1,600 employees in 125 offices.

Regional executives of JPM's "core middle-market group" will now report to Walker, who will report to Chief Executive of Commercial Banking Doug Petno. Previously, the regional executives had reported directly to Petno.

Walker had been head of the group's Southeast and West regions. He has held positions with JPMorgan and some of its predecessors, including Bank One and Texas Commerce Bank, for most of his 36-year career.

The unit is one of two that serve midsize businesses; the other is the government, non-for-profit and healthcare banking group, which is run by Patrice DeCorrevont. The two units were responsible for $3.3 billion of the $6.8 billion in revenue that JPMorgan's commercial banking division reported last year, the release says.

"Steve has continuously proven his commitment to our local delivery model and played a critical role in building out our business in the Southeast and West expansion markets," Petno said in the news release.

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