JP Morgan’s wealth management client business head, Barry Sommers, is retiring after being at the US banking giant since 2008. He wants to pursue interests outside the sector, according to an internal memo shown to this publication.

The memo was sent from Mary Erdoes, chief executive for asset and wealth management. 

Sommers joined when it bought Bear Stearns, where he worked. Sommers went on to run the Chase consumer bank and build its wealth management business before working for Erdoes.

David Frame, global head of client advice and strategy, becomes chief of US wealth management, and reports to Edoes. Frame has been at the bank for more than two decades in a variety of roles, such as being global head of capital markets solutions. 

Andrew Cohen, who runs the international private bank at the moment, now takes on a new role as executive chairman of wealth management, based in London and reports to Edoes. 

Nicolas Aguzin takes on Sommers’ international private banking responsibilities. Aguzin is currently head of banking for Asia-Pacific at the corporate and investment banking arm. He also will report to Edoes.

Aguzin has worked in multiple regions, including being CEO of JP Morgan in Latin America.

Filippo Gori becomes deputy chief executive of Asia-Pacific. The bank said it will separately announce succession for CIB’s head of banking in Asia-Pacific. 

Sol Gindi, who is chief administrative officer of the consumer bank, becomes CAO for wealth management globally, overseeing the bank’s technology, operations and service initiatives, also reporting to Edoes.

Brian Carlin continues as CEO of wealth management solutions, reporting to Edoes; he also takes on day-to-day responsibilities as head of investment solutions, the memo said.