JP Morgan, whose parent company paid $60bn (€48bn) in shares to buy Bank One two months ago, has reshuffled top jobs at the investment bank to create two joint chief executives and give the executive chairman special responsibility for private equity.

Steve Black, the bank's global head of equities, and Bill Winters, its global head of credit and rate markets, are to become co-chief executive officers of JP Morgan, replacing David Coulter, who moves up to executive chairman with additional responsibility for the JP Morgan Partners private equity business.