Mary Callahan Erdoes, 42, the newly appointed head of JP Morgan Chase's asset management business, has served at the US investment bank for 13 years, most recently as chief executive of the near $200bn (€137.4bn) private client bank.

According to a memo seen by Financial News, Erdoes was promoted to head of the asset management division, succeeding Jes Staley, who has become chief executive of the investment bank. Erdoes also joins the firm's operating committee.