JPMorgan Chase announced executive changes as it moves to bring together its wealth-management businesses.  According to internal memos, Barry Sommers will co-lead the new Wealth Management & Investment Solutions division alongside Brian Carlin.  Thasunda Duckett, who previously led the bank’s auto finance unit, will succeed Mr. Sommers as head of JPMorgan’s consumer bank, overseeing around 5,300 branches, more than 50,000 employees, and about 23 million households.

Mr. Sommers - who spearheaded the success of Chase Private Client to upper-middle-class customers in branches across the country - will become CEO of wealth management.  Those businesses include Chase Wealth Management, JPMorgan’s private bank and JPMorgan Securities, a legacy Bear Stearns business that Mr. Sommers used to be a part of.  Chase financial advisers will continue reporting into the consumer bank, Ms. Duckett’s new territory.

Mr. Carlin will become CEO of Investment and Banking Solutions, leading all wealth-management products and platforms including investments, lending, banking, technology and operations. He will oversee the Digital Wealth Management and Institutional Wealth Management businesses. Mr. Carlin has worked in asset management for 15 years, including most recently as the unit’s CFO.