CHICAGO - A new round of executive changes on Wednesday at Bank One Corp., including two promotions and three departures, offered evidence that chief executive James Dimon is looking to raise the level of investment banking savvy in the company's senior ranks.
R. Michael Welborn was named head of the Chicago banking company's middle-market banking group, and David P. Bolger was named head of corporate banking. Both appointments are internal promotions, and are the latest in a series of personnel moves announced this week by Mr. Dimon.
The two executives replace Susan S. Moody and W.G. Jurgensen, who resigned.
At the same time, capital markets chief F. Gerald Byrne said he would leave the company. Bank One said it has begun "an externally focused search" for a successor to Mr. Byrne, who would report to Mr. Dimon.
A source who is familiar with the changes said Mr. Dimon appears to be favoring executives with Wall Street experience, pushing them into bigger roles while the "the old guard is being shoved out at every turn."
The source said that was the case with Mr. Jurgensen, Ms. Moody, and Mr. Byrne. Each of them took a traditional, commercial banking approach and applied that style to investment banking, according to the source. That clashed with Mr. Dimon's style and was impeding progress in building the company's investment banking business, the source said.
In a statement Wednesday, Mr. Dimon said he wanted to strengthen the company's corporate bank.
"Both Mike Welborn and Dave Bolger have spent their careers providing financial services to customers and they know the importance of relationships, products, and customer service," Mr. Dimon said in the statement.
"Mike will help us continue to grow our powerful middle market franchise and Dave's appointment reflects both the importance of corporate banking and our desire to actively and intelligently grow it."
Mr. Welborn, 48, most recently ran middle market banking in Bank One's Arizona, California, Colorado, and Utah region. Before joining Bank One, he was chief executive of Citibank, Arizona, from 1988-93, and was principal at Venture West Group, a merchant bank, in the three years after that.
Mr. Bolger, 42, has managed merger integration for the bank and held a variety of administrative responsibilities in operations, corporate real estate, and customer service. Both executives will now report to Mr. Dimon. Mr. Bolger's responsibilities for operations will shift to Marvin W. Adams, chief technology officer, while Michael Cavanagh, head of strategy and planning, will handle corporate real estate and customer service.
Mr. Cavanagh was appointed by Mr. Dimon to his position on Monday. Bank One also announced on Monday the hiring of former Citigroup Inc. executive and former Philip Morris USA CEO William Campbell. Mr. Campbell will serve as a senior adviser for six to 12 months and will work on technology issues and matters of consumer strategy with Mr. Dimon.