Bateman gets new responsibilities at JPMorgan

Paul Bateman was named chairman of asset and wealth management for JPMorgan, effective at the end of January, according to a source at the firm. The position is new and will allow Mr. Bateman to focus on broader investment product oversight while reducing his involvement in day-to-day management, according to the source. Mr. Bateman was CEO of global asset management; Jes Staley, CEO of asset and wealth management, will take on those duties permanently. Mr. Bateman will continue to serve as head of the investment committee for asset management.