JP Morgan has appointed Jeff Hack as chief operating officer of its private bank and private client services based in New York. The position...

JP Morgan has appointed Jeff Hack as chief operating officer of its private bank and private client services based in New York. The position is a newly created one; Mr Hack was formerly head of corporate strategy.

According to an internal memo reported by Wall Street Letter, the new position along with other senior management changes are designed better to coordinate operations within the two private client groups.

Mr Hack will report to James Staley, head of asset and wealth management. Mr Hack joined JP Morgan last May from Smith Barney where he was chief finance officer of its global private client group.

The announcement comes a few days after Mary Erdoes was promoted to chief executive of the private bank after the departure of Maria Elena Lagomasino. The memo also said Bob McLain, who is now the global head of investment solutions, becomes acting head of investments.