Steve Black, who co-ran JPMorgan Chase & Co.'s investment bank for five years and played a key role in the bank's acquisition of Bear Stearns Cos. at the height of the financial crisis, said he plans to leave the company early next year.
A longtime ally of Chief Executive James Dimon, Black was named vice chairman of the bank in February after a management shuffle last year moved Jes Staley into the top job at the investment bank.
Black, 58 years old, said he has decided to call it quits because he wants to be involved in the day-to-day operations of a business.
"I've had a great run, but it's time to move on. I want another chapter," Black said in an interview. He said he doesn't have any definite plans but may consider jobs in the private-equity or hedge-fund industries.
"I've had two jobs in 36 years and the last go-round worked out pretty well. It's time to see if there's something else to do in life," he said.
Dimon announced Black's departure in an internal memo that was distributed to the bank's employees today. The two have known each other for 30 years, and had worked together in top jobs at Citigroup in the 1990s.
"Throughout our working relationship, he always impressed me with his tremendous dedication to the firm, his candor and his strong character," Dimon said in the memo.
Black is well-known on Wall Street for his direct approach. Bill Winters, who was co-CEO of JPMorgan's investment bank along with Black, left the firm as a result of last year's management shake-up.
