The US-listed banking giant has created a new wealth management and investment solutions unit as part of a number of high-level changes at its retail and wealth business.

JP Morgan has shuffled certain roles at its wealth management division and retail bank, in a move designed to bring its wealth management businesses closer together, the firm confirmed to this publication.

Barry Sommers will co-lead the new wealth management and investment solutions division with Brian Carlin, who was most recently chief financial officer of asset management.

Meanwhile, Thasunda Duckett, who led the bank’s auto finance unit, will succeed Sommers as head of the consumer bank. Sommers will in turn become chief executive of wealth management, which includes Chase Wealth Management, JP Morgan Private Bank and a legacy Bear Stearns business.

Carlin will serve as CEO of investment and banking solutions, overseeing all wealth management products and platforms. He will also lead JP Morgan’s digital wealth management and institutional wealth management businesses. 

As highlighted by the Wall Street Journal, the moves follow a number of changes made over the past year by JP Morgan, including layoffs of financial advisors and raising its minimum investible assets for clients (see a report on the later here.)