* Sommers replaces Ryan McInerney, who is joining Visa as
* McInerney to get annual salary of $750,000 at Visa
May 23 JPMorgan Chase said it has
appointed Barry Sommers, under whom the bank expanded its
services to wealthy clients, to head its Chase consumer bank
Sommers, 44, who previously served as chief executive of the
bank's wealth management business, joined JP Morgan through the
Bear Sterns merger in 2008.
Sommers was responsible for the company's Chase Private
Client business, which has offices in nearly 1,400 Chase bank
JP Morgan is using its private client business to make money
from its branches at a time when more and more banking
transactions are taking place online.
The company's consumer bank has a network of about 5,600
branches across the United States and generated about $14
billion in revenue.
Sommers replaces Ryan McInerney, who has been named by Visa
Inc as its president.
At Visa, McInerney will report to Chief Executive Charlie
Scharf. Scharf also joined the credit card company from
JPMorgan, where he headed retail banking operations.
Scharf had hired McInerney several years ago to work for him
at JPMorgan Chase, McInerney told Reuters.
McInerney, 37, will replace John Partridge, who retired on
March 31. He will receive an annual salary of $750,000, Visa
said in a regulatory filing.
JP Morgan is one of the largest issuers of Visa cards. It
issued about 69.6 million Visa cards in 2012, according to a
Feb. 2013 Nilson report.
Cards issued by Chase, including credit, debit and prepaid,
account for about 16 percent of spending on Visa cards,
according to the report.
The companies this year entered a new 10-year renewable
partnership agreement under which JP Morgan will launch a
payment platform powered by Visa.
JP Morgan shares were down 0.7 percent at $53, while Visa
was down 1.1 percent at $178.38 on Thursday on the New York