JPMorgan Chase (JPM) Chief Risk Officer John Hogan is returning to the bank in a new role after taking almost five months off and may decide to leave the firm altogether later this year or next, Chief Executive Officer Jamie Dimon told employees in a memo Thursday.

Hogan will return to Dimon's operating committee and assume a newly created job as chairman of risk while interim CRO Ashley Bacon takes over in a permanent capacity starting next week, Dimon said in the memo. Bacon will also join the operating committee, he said.

"John plans to carry out this important transition for several months," Dimon said. "We then hope he will stay at the firm in another senior role, but he may choose to do something different outside of our company."

The contents of the memo were confirmed by Joe Evangelisti, a spokesman for the New York-based company.

Dimon said Hogan "did a superb job as head of risk when we needed him most" and that he respects Hogan's decision to return to the bank in a different role. Hogan took leave in January for personal reasons.

"We're very glad to have John back — his judgment and candor make all of us better," Dimon said.

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