Obama picks JP Morgan's Daley as chief of staff

WASHINGTON Thu Jan 6, 2011 2:34pm EST

WASHINGTON Jan 6 (Reuters) - President Barack Obama on Thursday said he chose J.P. Morgan Chase executive William Daley to be his new White House chief of staff, retooling his team with a politically savvy businessman at the helm.

"He possesses a deep understanding of how jobs are created and how to grow our economy," Obama said.

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