Bloomberg News
LONDON Joe MacHale, who has been J.P. Morgan & Co.s chief executive in Europe, will leave this spring in the wake of Sundays merger with Chase Manhattan Corp.
Mr. MacHale, 49, chief executive for Europe, the Middle East, and Africa since 1997, rejected several other roles in the new company, spokeswoman Farzana Hakim said in a telephone interview in London. She would not identify the jobs offered.
Walter Gubert, 53, chairman of J.P. Morgan Chase & Co.s investment bank and a member of the executive committee, will take over in Europe. Mr. Gubert was named a vice chairman and member of J.P. Morgans board in February 1998, having become head of global investment banking operations in December 1997.
A native of Merano, Italy, Mr. Gubert joined J.P. Morgan in 1973 and led U.S. capital markets activities. He served as the companys senior executive for Europe, the Middle East, and Africa. He has been credited with helping to build the mergers and acquisitions and strategic advisory businesses. Mr. MacHale joined J.P. Morgan from accounting firm Price Waterhouse in 1979.
The new banking company will have 90,000 staff globally, including about 16,000 in Europe. It plans to cut as many as 5,000 jobs worldwide.
Chase and J.P. Morgan said on Dec. 14 that fourth-quarter profit will miss estimates substantially because of lower trading revenue and higher merger-related costs. The companies will jointly announce fourth-quarter earnings on Jan. 17.
