JPM JP Morgan Chase and Co

By Emily Glazer 

J.P. Morgan Chase & Co. is shifting some executives in its retail bank and wealth management groups as it moves to bring together its wealth-management businesses, according to internal memos.

The bank said Barry Sommers will co-lead the new Wealth Management & Investment Solutions division alongside Brian Carlin, according to memos sent Tuesday to employees and reviewed by The Wall Street Journal.

Thasunda Duckett, who previously led the bank's auto finance unit, will succeed Mr. Sommers as head of J.P. Morgan's consumer bank, overseeing around 5,300 branches, more than 50,000 employees, and about 23 million households.

Mr. Sommers -- who spearheaded the success of Chase Private Client to upper-middle-class customers in branches across the country -- will become CEO of wealth management, according to one of the memos sent from asset-management head Mary Callahan Erdoes. Those businesses include Chase Wealth Management, J.P. Morgan's private bank and J.P. Morgan Securities, a legacy Bear Stearns business that Mr. Sommers used to be a part of. Chase financial advisers will continue reporting into the consumer bank, Ms. Duckett's new territory.

Mr. Carlin will become CEO of Investment and Banking Solutions, leading all wealth-management products and platforms including investments, lending, banking, technology and operations, according to Ms. Erdoes' memo. He will oversee the Digital Wealth Management and Institutional Wealth Management businesses. Mr. Carlin has worked in asset management for 15 years, including most recently as the unit's chief financial officer.

The wealth management moves come as the private bank has been making changes over the past year, including layoffs of financial advisers and raising its minimum investible assets for clients. Banks, including J.P. Morgan, have sought to grow wealth-management units that aren't as capital intensive as profits continue to be squeezed by superlow interest rates.

Ms. Duckett, known as T, since 2013 was head of the bank's auto finance group, where a successor will be named "shortly," according to a memo sent by retail banking chief Gordon Smith.

While leading auto finance, Ms. Duckett boosted the bank's dealer partnerships and launched its direct-to-consumer auto-financing business. Previously she led national sales for the mortgage-banking group.

Write to Emily Glazer at emily.glazer@wsj.com

(END) Dow Jones Newswires

September 27, 2016 16:29 ET (20:29 GMT)

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