JPMorgan Chase, which is taking over rival investment bank Bear Stearns, will dominate the management ranks of the combined company's investment banking and trading businesses, according to an internal memo.
Out of 26 executives named to executive positions in the investment banking and trading division in a memo from JPMorgan investment bank heads Steve Black and Bill Winters on Friday, only five are from Bear Stearns .
The top-level management jobs appointments are the first personnel decisions announced since the banks first reached their agreement to merger on March 16.
The memo, confirmed by JPMorgan , said each of the business line executives will announce the next level of management decisions by mid-April.
JPMorgan is by far the bigger bank, with 180,000 employees worldwide, including 26,000 in investment banking and trading.
Bear Stearns, the fifth-largest investment bank before it nearly collapsed last month, has 14,000 in all.
Still, JPMorgan is mindful that it has come under fire for acquiring Bear at a bargain basement $10-a-share and as it prepares to slash thousands of jobs.
The memo did not discuss the fate of Bear Chief Executive Alan Schwartz.
"We recognize this announcement does not include everyone in senior management," Black and Winters wrote.
"There are still ongoing discussions with other key leaders on their roles, and more announcements from us will be following shortly once final decisions are made." The five Bear Stearns executives offered top jobs at the combined bank are Jeff Urwin, co-head of investment banking; fixed income co-heads Jeff Mayer and Craig Overlander; Mike Nierenberg, head of foreign exchange and rates, and Peter Cherasia, head of global technology and operations.