Blythe Masters, who rose from an intern at JPMorgan Chase & Co. to global head of a commodities powerhouse, is exiting after 27 years as the bank completes the sale of businesses she oversaw.
Masters, 45, "has informed us of her intention to leave the firm, take some well-deserved time off and consider future opportunities," the New York-based lender said today in a memo from Chief Executive Officer Jamie Dimon, 58, and investment- banking head Daniel Pinto, 51.
Masters will depart after helping complete the $3.5 billion sale of JPMorgan's physical commodities business to Geneva-based Mercuria Energy Group Ltd. The deal, disclosed last month, takes the bank out of industries such as petroleum products amid pressure from regulators.
JPMorgan said in March it will continue to provide services and products tied to commodities including financing, market- making and the vaulting and trading of precious metals. The bank will announce a new head for its remaining commodities businesses soon, according to the memo.