JP Morgan Chase has appointed Barry Sommers as chief executive of its consumer bank, which includes Chase Wealth Management.

Sommers was latterly head of Chase Wealth Management, which includes the Chase Private Client segment, in a role he held since 2010.

He takes over as head of consumer bank from Ryan McInerney, who is leaving the firm after eight years to become president of VISA. He was head of the consumer bank since 2009.

There will be a short transition period during which McInerney will stay on and work with Sommers, and Sommers will continue to report to Gordon Smith, CEO of consumer and community banking, in his new role.

“We are disappointed to see Ryan leave the firm. VISA is a close partner of ours and an organization we respect a great deal. We are glad we will continue to have a relationship with him in his career there,” said Smith.

In its announcement, the New York-listed firm highlighted the growth of Chase’s wealth management business under Sommers’ leadership, saying the business had grown its deposits and investments by 40 per cent to more than $200 billion in only two years.

“He has also led the expansion of Chase Private Client, increasing the number of clients just over 4,000 in 2010 to more than 100,000. Today, Chase Private Client is in over 1500 branches across 20 states,” the firm said.

Sommers joined JP Morgan Chase through the Bear Stearns merger, having managed Bear Stearns’ brokerage business.