JPMorgan Chase announced today that its Board of Directors has elected Todd Combs as a director of the company’s JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. subsidiaries with immediate effect.
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Combs’ appointment was effective from Monday, JPMorgan said.
Although he was appointed yesterday, the bank is yet to announce his committee assignment.
Combs joined Berkshire Hathaway in 2010 and was an investment officer before JPMorgan hired him. “It provides Combs board experience at a financial company and a platform to broaden his growth, which is important because he is a leader at Berkshire”.
It owns $5 billion of preferred stock in Bank of America Corp (BAC.N), and has a more than $22 billion, or roughly 10 percent, stake in Wells Fargo & Co (WFC.N). Mr. Combs previously ran Castle Point Capital, an investment partnership he founded in 2005. They are expected to take over Berkshire’s investments after Buffett, 86, leaves. Buffett has said Combs and Ted Weschler, both former hedge-fund managers, will oversee all of his company’s investments one day, and credited Combs for sparking his interest in Precision Castparts Corp., one of the billionaire’s largest acquisitions.
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JPMorgan is the largest bank in USA by assets and the bank has just appointed its youngest director on its board where most of the members are older than 60. Mr. Buffett also expressed support for Mr. Dimon during the London Whale trading debacle.
