Steven Black will drop his role as executive chairman of JPMorgan Chase & Co.'s investment bank to become a vice chairman of the company, reporting to Chief Executive Jamie Dimon.

Black, 57, agreed to keep working with global clients for at least three years, according to an internal memo Thursday from Dimon obtained by Bloomberg News. Dimon said Black will also work with global regulators.

Black has been executive chairman of the investment bank since September, when Dimon named Jes Staley, 53, as the sole CEO, replacing co-CEOs Black and William Winters, 48, who left the company. Staley is seen as a leading candidate to succeed Dimon someday.

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