A week after the surprise exit of investment bank co-chief Mike Cavanagh, JPMorgan Chase is bracing for another management reshuffle, sources said.
Daniel Pinto, who took over the bank subsidiary as sole CEO in the wake of Cavanagh's March 25 decamping for a senior job at the Carlyle Group, is hammering out a reorganization of his unit that likely would pare his list of direct reports from the current two dozen to a more manageable number, the people familiar with the matter said.
Pinto's goal, adds one of these people, is to announce the changes before JPMorgan reveals its first-quarter earnings on April 11.
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On Wednesday, senior investment-bank manager Blythe Masters announced plans to leave JPMorgan once a deal to sell some of the commodities assets she oversees is completed, likely this year. Her role as commodities head is one of the jobs Pinto is expected to fill as part of his reshuffle, one of the people familiar with the restructuring said.
Additional high-level departures from the investment bank are expected, added this person. Who would leave and when is not yet clear. (Pinto didn't respond to a request for comment.)
Cavanagh and Masters are only the latest in a long string of departures from JPMorgan's top ranks.
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Within the past two years, an array of senior executives have left for various reasons, including Jes Staley-who ran the investment bank before Cavanagh and Pinto and left in 2013 to join a hedge fund-and Frank Bisignano, who left his role as co-chief operating officer to run First Data Corp.
Ina Drew, the JPMorgan chief investment office head who presided over the "London Whale" trading debacle, which created more than $6 billion in losses, also resigned.
-By CNBC's Kate Kelly.