Mary Callahan Erdoes will become the new CEO of JPMorgan Asset Management, succeeding Jes Staley, who has led the asset management business since 2001. Staley will become CEO of JPMorgan's investment banking business.

Mary Erdoes JPMorgan CEO, Asset Management

Eve Guernsey, head of JPMorgan Asset Management Americas and JPMorgan Funds CEO George Gatch's boss, will be reporting to Erdoes.

Erdoes currently runs JPMorgan's private bank. She joined JPMorgan's private banking unit in 1996 as head of fixed income for high-net worth individuals.

Staley, a 30-year JPMorgan veteran, will become the sole CEO of the investment bank, which is currently co-managed by Steve Black and Bill Winters. Black will become executive chairman of the investment bank. Winters is leaving the company.

"With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process," said JPMorgan chairman and CEO Jamie Dimon. 

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