J.P. Morgan Chase & Co. (JPM) named former UAL Corp. Chief
Executive Glenn Tilton chairman of Midwest operations and a member
of the banking company's executive committee.
Tilton led UAL's United Airlines through its merger with
Continental to form United Continental Holdings Inc.
(UAL)--combined, the largest U.S. airline by traffic. Previously,
he spent 32 years with Texaco, completing the company's merger with
Chevron Corp. (CVX) in 2001.
The new role will see him leading the bank across businesses and
functions in the Midwest, which J.P. Morgan Chief Executive Jamie
Dimon said in a statement "is an important and growing region for
our company." Tilton's roles will include recruiting, overseeing
the firm's Midwest charitable contributions and government
relations.
Tilton currently serves as nonexecutive chairman of United
Continental and is a director at Abbott Laboratories (ABT) and
Corning Inc. (GLW).
The move follows J.P. Morgan reporting in April its
first-quarter profit jumped 67%, driven by strength in its
investment bank and a marked improvement in credit quality. But its
retail services business, which handles consumer and small-business
clients, suffered a larger loss than a year earlier. And the
overall results weren't driven by loan growth or traditional
banking results, disappointing some analysts.
Shares decreased 0.6% to $41.31 in recent premarket trading.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com