Investment-unit boss moves upstairs; Staley takes up day-to-day operations. JPMorgan Chase has given asset-management head Paul Bateman the title of "chairman" for its asset- and wealth-management business, a new position.

What the...?

Bateman, JPMorgan's executive-committee member for asset management and head of the unit formerly known as JPMorgan Fleming, landed this new role because the New York-based bank needs someone to concentrate on big-picture "strategic issues" in and around investment management, according to a report in Financial News Online, paraphrasing a JPMorgan spokeswoman.

The same source says that Bateman also wants to be less hands-on in terms of actually managing JPMorgan's asset-management business. That's where Jes Staley, CEO of asset and wealth management at JPMorgan, comes in. It seems that Staley will assume Bateman's day-to-day responsibilities while maintaining his "current duties."

Once again, JPMorgan's crack media-relations team couldn't be bothered to honor a (polite) request for more information. -FWR

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