Jamie Dimon, chief executive of JPMorgan Chase, on Tuesday carried out a surprise shake-up of its top management team, ousting Bill Winters, co-head of investment banking, and anointing Jes Staley, a veteran banker, as likely heir for the top job.

Under the reshuffle, Mr Staley, who has been at JPMorgan since 1979, will take over the investment bank while Steve Black, the other co-head, becomes executive chairman of the unit for the next 18 months.