JPMorgan Chase & Co., the largest U.S. lender, named Barry Sommers chief executive officer of its consumer bank, replacing Ryan McInerney, who's leaving to become president of Visa Inc.
Sommers will continue overseeing Chase Wealth Management and reporting to Gordon Smith, CEO of consumer and community banking, the New York-based company said today in a statement. McInerney will be responsible for Foster City, Calif.-based Visa's global client organization, product management and new solutions group, according to a separate statement.
JPMorgan CEO Jamie Dimon shook up the consumer bank's top management two years ago, removing former retail chief Charlie Scharf from his position and ousting former mortgage head David Lowman after the lender came under fire for abusive foreclosure practices, which it spent more than $8.6 billion to settle. Scharf left to become CEO of Visa, the world's largest electronic-payments network, in November.
"Barry and Ryan have been close partners and friends for several years, and we expect a seamless transition as we bring these businesses under Barry's leadership," Smith said in the statement.
McInerney succeeds John Partridge, who retired as Visa's president in March. Partridge, 63, who is staying with the company to work on special projects, will receive a base salary of $50,000 a month and be paid $562,000 in November as a pro- rated bonus for his work this year as president, according to a filing last month.
McInerney worked at JPMorgan for eight years and was head of the consumer bank since 2009, according to JPMorgan's statement. Sommers joined Bear Stearns Cos. in 1996 and came to JPMorgan when it acquired the firm in 2008, according to the statement.