His move is part of a wider revamp of top executives at the corporate and investment bank's digital strategy team, following a string of failed digital initiatives.
J.P. Morgan's James Young, who was previously in charge of building and operating the bank's digital platform as head of digital technology, will take on a new role that will see him lead its Asia-Pacific's team in technology, according to a «Bloomberg» report on Thursday, which cited memos seen by the publication.
Bill Wallace, CEO of digital strategy since 2016, has left the firm after 26 years to pursue personal interests. While he will remain a senior adviser, he will be replaced in his role by Alison Beer, who was most recently the bank's head of corporate development.
Head of digital customer experience Meng Chee has also left to take on a new role as head of product at Walmart.
Failed Digital Initiatives
The report noted several failed digital initiatives since J.P. Morgan said in 2018 it would ramp up its digital push and rebuild its consumer business model by creating a «mobile-first, digital everything» strategy that focuses on long-term profits.
They include its millennial-focused digital bank app Finn, which shut down in June after just one year in operation, its digital wallet Chase Pay, which it said in August would be scrapped in 2020, and the ending of its partnership with On Deck, which it used to offer online loans to small businesses.
