JPMorgan shakes up management, sets up Staley for CEO

In a major shakeup Tuesday of its management ranks, JPMorgan Chase (JPM) kicked Bill Winters, co-chief executive of its investment bank, to the curb. The move comes as part of the firm's succession plan for Chief Executive Jamie Dimon -- and it puts Jes Staley in the lead to helm the company.

Staley will take sole title as CEO of the investment bank, replacing Winters. Currently head of the asset management division, Staley will be succeeded in that job by Mary Callahan Erdoes, who is currently CEO of the company's private bank business. Steve Black, co-CEO of the investment bank with Winters, will become executive chairman of the unit.