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JP Morgan Chase has shaken up the senior management team. The big winner is Chief Operating Officer (COO), Jamie Dimon. Mr Dimon joined JP Morgan following the acquisition of Bank One.

Mr Dimon's grip has been strengthened by the appointment of Michael Cavanagh as Chief Fianancial Officer (CFO). He replaces 23 year veteran Dina Dublon.

From 2006 Mr Dimon will assume the role of Chief Excutive (CEO), replacing Bill Harrison.

Investment banking is changed. David Coulter is moved sideways to become Chairman for the West Coast. People used to report to Mr Coulter, who then reported to Mr Harrison. They will now report directly and jointly to Mr Harrison and Mr Dimon.

A number of other moves have also taken place affecting risk management, commercial banking and global treasury.

Mr Dimon has been cited as the prime mover in terminating the outsourcing contract with IBM, as quickly as he could following his arrival from Bank One.

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