Sommers, who has served as head of wealth management since 2010, will report to Gordon Smith, the CEO of consumer and community banking. Ryan McInerney, the current CEO of the consumer bank, announced he would leave his post to become president of Visa.
“Barry is an outstanding leader with a terrific track record of success,” Smith said. “He has helped build our highly successful Chase Wealth Management business, including Chase Private Client. Barry and Ryan have been close partners and friends for several years, and we expect a seamless transition as we bring these businesses under Barry’s leadership.”
Under Sommers’ management, Chase’s wealth management division has increased its deposits and investments by 40 percent to reach more than $200 billion in just two years. He also helped lead the expansion of Chase Private Client to increase the number of clients from 4,000 in 2010 to more than 100,000. Private Client has more than 1,500 branches in 20 states.
Sommers joined Bear Stearns in 1996, where he managed its brokerage business before it merged with JPMorgan Chase. He is a graduate of Ohio University, and he previously worked at Goldman Sachs.