JPMorgan’s Black Mulls Alts. Move

Nov 4 2010 | 8:38am ET

JPMorgan Chase vice chairman Steve Black is calling it quits at the Wall Street giant, and may be looking to the alternative investments world for his next challenge.

Black, who was named vice chair in January after five years leading JPMorgan’s investment bank, told The Wall Street Journal that he would consider jobs in the hedge fund and private equity industries, although he does not have any definite plans. Black said he decided to leave JPMorgan because he wants to have a hand in the day-to-day running of a business.

“I’ve had a great run, but it’s time to move on,” Black told the Journal. “I want another chapter.”

Black will leave JPMorgan early next year.

“I have known Steve for 30 years, and he is one of the finest and most capable executives I have ever met,” JPMorgan CEO Jamie Dimon wrote in a memo to staff.

“We are very grateful to Steve for all that he has done for this company,” Dimon added. “He has helped build the world-class investment bank we have today.”

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