JP Morgan’s head of its global wealth management business, which includes the private bank and JP Morgan Securities, is slated to retire at year end, according to people familiar with the matter.

Phil Di Iorio, who has worked at the New York bank for about 30 years, will stay on until then, these people said. The bank didn't immediately name a successor to the role in a memo sent Monday afternoon by asset management chief Mary Callahan Erdoes to bank employees. And it isn't clear if there will be one, the people said.