Jes Staley in line to succeed JPMorgan CEO Dimon

Jes Staley is taking over as head of investment banking at JPMorgan Chase & Co, in line to succeed Jamie Dimon as chief executive of the No. 2 U.S. bank.

"With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process," Dimon said in a statement Tuesday. Staley, 53, who joined the bank in 1979, returns to the investment banking unit after stints at JPMorgan's private bank and asset management operation. JPMorgan said Bill Winters, 48, co-CEO of investment banking, is leaving the company. The other co-CEO, Steve Black, 57, becomes executive chairman of the investment bank to oversee the transition to Staley as the new CEO.