JP Morgan Chase (NYSE: JPM) Executive Chairman Stepping Down, Staying on As Vice Chairman for Three Years

JP Morgan Chase & Co.’s executive chairman, Steve Black, will transition out of his roll at the company’s investment bank and become a vice chairman after helping lead the division to a record year in 2009.

Black agreed to continue working with the firm’s global clients for at least three years, according to an internal memo penned by Jamie Dimon, the company’s CEO, that Bloomberg News was able to pick-up.

Black had served as executive chairman of the investment bank since September, when Dimon named Jes Stanley as sole CEO of the investment bank, replacing Black and William Winters who had recently left the company.

Black will be dropping day-to-day management duties at the investment bank, which will allow him to travel to visit clients, according to a separate memo from Black to employees at JP Morgan. In the memo, Black said he was ready to step back from daily business, resulting in Staley’s new appointment.

JP Morgan Chase’s investment bank had a record year in 2009 bringing in $28.1 billion in revenue from fees and trading, more than doubling what the company made in 2008.

The internal memo that Bloomberg had obtained said that “The transition to Jes Staley as CEO of the investment bank has gone smoothly and quickly, and Steve has said that he’s ready to move on to a new role serving clients across the firm.”