JPMorgan's Maclin, Miller may step down

JPMorgan Chase & Co commercial banking chief, Todd Maclin, and international operations head, Heidi Miller, are likely to step down from their posts within months, according to a person close to the bank.

Miller would probably announce her intent to retire from the company by 2012 soon, turning over duties to executives who lead business lines she coordinates overseas, the person said, speaking on condition of anonymity because the plans aren’t public. Maclin plans to take another senior role within the firm and has told staff he would pass responsibilities to a deputy, the person said.

Miller and Maclin are among Chief Executive Officer Jamie Dimon’s most senior executives, serving on the firm’s 15-member operating committee. Miller, a confidant of Dimon for two decades, was named to the new post of president of JPMorgan International last June. She and Maclin didn’t immediately respond to e-mails seeking comment after business hours.

Jennifer Zuccarelli, a spokeswoman for the New York-based lender, declined to comment. The Wall Street Journal previously reported the moves, citing unidentified people familiar with the situation. Maclin is expected to step down from his commercial-banking post by year-end and might take a lower-profile job helping oversee JPMorgan’s operations in Texas, where he lives, the paper said.

Miller was put in charge of international operations last June to accelerate JPMorgan’s growth in Asia, Latin America and European emerging markets. The business offers corporate clients investment banking, advisory, debt capital markets, equity capital markets, lending, payments and securities processing services worldwide.

Investment bank CEO Jes Staley asset management CEO Mary Erdoes and Mike Cavanagh who runs treasury and security services, would take over Miller’s international duties within their divisions, the person said. International business accounted for 22 per cent of JPMorgan’s total revenue of $103 billion last year, down from 25 per cent in 2009, according to Bloomberg data.