JPMorgan Chase & Co. is making management changes to its asset management unit, replacing the head of institutional sales for North America and planning to name a new head of sales for investment management for North America, the New York Times' DealBook reported Friday on its website, citing people briefed on the matter.
Mary Callahan Erdoes, head of asset management, has told her staff she plans to double the division's net income over five years through aggressive product sales and by expanding bank assets under management, staff members said.
Erdoes declined comment on the management changes.
Eve Guernsey, head of sales for investment management in North America, is to retire at the end of the year, and will be succeeded by George Gatch.
A JPMorgan spokeswoman described the management changes as "more of a shift."
"We are trying to rationalize the business in the U.S., as a lot of the things in the U.S. grew up as either institutional or retail." The spokeswoman was not identified.
