JPMorgan Chase & Co. commercial banking chief Todd Maclin and international operations head Heidi Miller are likely to step down from their posts within months, according to a person close to the bank
Miller, 58, will probably announce her intent soon to retire from the company by 2012, turning over duties to executives who lead business lines she coordinates overseas, said a person close to the company who asked not to be named because the plans aren’t public. Maclin, 55, plans to take another senior role within the firm and has told staff he will pass responsibilities to a deputy, Douglas Petno, the person said.
Separately, JPMorgan announced today the hiring of Glenn Tilton, the former chairman and chief executive officer of United Airlines parent UAL Corp., to advise CEO Jamie Dimon in the Midwest.
Miller and Maclin are among Dimon’s most senior executives, serving on the firm’s 15-member operating committee. Miller, a confidant of Dimon, 55, for two decades, was named to the new post of president of JPMorgan International last June.
Jennifer Zuccarelli, a spokeswoman for the New York-based lender, declined to comment on Miller and Maclin’s plans. The Wall Street Journal previously reported the moves, citing unidentified people familiar with the situation.
Maclin is expected to step down from his commercial-banking post by year-end and might take a lower-profile job helping oversee JPMorgan’s operations in Texas, where he lives, the paper said.
Miller was put in charge of international operations last June to accelerate JPMorgan’s growth in Asia, Latin America and European emerging markets. The business offers corporate clients investment banking, advisory, debt capital markets, equity capital markets, lending, payments and securities processing services worldwide.
Investment bank CEO Jes Staley, 54, asset management CEO Mary Erdoes, 43, and Mike Cavanagh, 45, who runs treasury and security services, would take over Miller’s international duties within their divisions, the person said.
International business accounted for 22 percent of JPMorgan’s total revenue of $103 billion last year, down from 25 percent in 2009, according to Bloomberg data.
Tilton, 63, will join Dimon’s executive committee, coordinating JPMorgan’s Midwest lobbying and public relations efforts out of Chicago, the company said in a statement. Tilton fills the role that was held by Bill Daley, who left in January to become President Barack Obama’s chief of staff.
Tilton in Chicago
Tilton will give JPMorgan an executive with experience running global businesses who has also successfully navigated the local and national political landscape, Staley said in the statement.
“Glenn has led the largest private-sector employer in Chicago, where his role will be based, and he has developed strong relationships with the local business community and government officials, building on his substantial reputation in Washington and the international business community,” Staley said.
While at Chicago-based United, Tilton led the airline through a $23 billion restructuring, returned the company to profitability and completed its merger with Continental Airlines last year. He had spent 32 years with Texaco Inc., serving as chairman and CEO in 2001.
“Chicago is a city that understands competition and the relationship between business and the public sector that is mutually beneficial,” Tilton said in the statement. He will oversee the bank’s charitable contributions in the area and “maintain important relationships with elected officials,” the company said.