U.S. Markets closed

Longtime JPMorgan Chase exec Jes Staley leaves

NEW YORK (AP) -- James E. "Jes" Staley, a longtime executive at JPMorgan Chase, is leaving the bank to become a managing partner at BlueMountain Capital Management, the companies said on Tuesday.

BlueMountain Capital, a New York-based hedge fund with more than $12 billion under management, announced Staley's appointment, and JPMorgan confirmed his departure from the bank after more than 34 years.

A memo that JPMorgan CEO Jamie Dimon sent to senior executives said that Staley "has been an extraordinary leader and a valued partner for many of us at JPMorgan over the years."

In July, Staley was named chairman of JPMorgan's corporate and investment bank, a newly created position, as part of management reorganization at the nation's largest bank.

His previous executive roles included heading JPMorgan's investment banking and asset management businesses, as well as its private bank.

At BlueMountain Capital, Staley becomes the firm's ninth managing partner. The New York-based firm said that Staley's duties will include "cultivating relationships and developing new strategies."

"Jes is one of the most experienced and successful leaders in the industry and has played a key role at one of the world's most successful financial institutions," said Andrew Feldstein, CEO and chief investment officer of BlueMountain.

Staley will purchase an ownership stake in the firm, BlueMountain said. The size of the stake was not disclosed.

BlueMountain was founded in 2003. It focuses on global credit markets and equity derivatives.