J.P. Morgan Chase & Co., the second-biggest U.S. bank, added 16 managers to its executive committee and made permanent a smaller group that helps oversee day-to-day operations and its merger with Bank One Corp.
The 42-member executive committee, headed by Chief Executive William Harrison, now includes more business and regional leaders such as Douglas Braunstein, head of investment banking in the Americas, and David Puth, global head of currencies and commodities.
Seventeen of the 42 are on President James Dimon’s operating committee, Harrison and Dimon wrote in a Feb. 10 memo to employees.
J.P. Morgan spokesman Brian Marchiony confirmed the memo’s contents and declined to comment.
Harrison and Dimon said the combination will trim $3 billion from annual costs.
Fourth-quarter profit slipped 11 percent on expenses from the merger, sparking concern among investors that the New York-based company will miss its target.
