JP Morgan Chase has made senior leadership changes in its investment bank and asset management businesses.

Mary Callahan Erdoes, chief executive of the private bank, will take over from Jes Staley as CEO of asset management and will join the firm’s operating committee.

Steve Black, co-chief executive of the investment bank, steps up to executive chairman. Mr Staley becomes chief executive, reporting to him and continuing to serve on the firm's operating committee. Bill Winters, the other co-chief executive of the investment bank, will leave the company.

Jamie Dimon, chairman and chief executive of JP Morgan Chase, said: "With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process."