Key among the changes is the transfer of Carlos Hernandez, who ran the bank's equities business for more than a decade, to a non-markets role overseeing a new investor services group. He oversees the prime brokerage business that provides financing and record-keeping services to hedge funds, as well as other client financing businesses.

Tim Throsby, who had run equities in the bank's Europe, Middle East and Africa region and oversaw equity derivatives globally, assumed Hernandez' position running global stock trading.

Blythe Masters, a widely known figure in the securities industry who oversees JPMorgan's commodities businesses, has been given the additional assignment of running regulatory affairs for the corporate and investment bank.

"Having her in this role will be critical to helping us drive the business's strategy in light of changing regulations," Cavanagh and Pinto wrote in the memo.

In her regulatory role, Masters will report to Barry Zubrow, the former chief risk officer who came under the microscope after the bank in early summer reported an expected $6 billion trading loss. Zubrow Masters has been head of the bank's corporate and regulatory affairs office since January.

Other management shifts reflect the bank's plan to better integrate sales and marketing across its markets and investor services units. About 80 percent of JP Morgan's investment banking clients are also clients of the treasury services unit that was integrated into the investment bank in July.

Marc Badrichani has joined Jeff Bosland as co-heads of sales and marketing in the Americas. In Europe, the Mideast and Africa, Allesandro Barnaba and Sikander Ilyas were appointed co-head of sales and marketing. In Asia-Pacific, the functions have been handed to Damian Roche, who previously ran equities in the region.

Cavanagh and Pinto, each of whom are in their 40s and seen as competing to eventually succeed bank chairman and chief executive Jamie Dimon, said a cadre of veteran bankers with the titles of international chairmen and vice chairmen will now report directly to them. The executives, whose primary job is to use their influence to win and retain corporate clients, are Klaus Diederichs, Mark Garvin, Conrad Kozak, David Mayhew and Jacob Frenkel.

James "Jes" Staley, the former investment banking CEO who was bumped up in the July reorganization to chairman of the combined corporate and investment bank, will continue to oversee the four regional chairmen in the Americas, according to the memo.

Other executives besides Hernandez, Masters, Throsby and the sales heads now reporting directly to Cavanagh and Pinto are:

* Grey Guyett, head of global corporate banking

* Don McCree, head of treasury services

* Jeff Urwin, head of global investment banking and CEO of the Asia-Pacific investment banking region

* Guy America, head of credit trading and syndicate

* Matt Cherwin, head of securitized products and tax-oriented investments (who also runs mortgage capital markets)

* James Kenny, head of global emerging markets and global special opportunities

* Troy Rohrbaugh, head of rates, foreign exchange and public finance

* Nicolas Aguzin, CEO of Latin America

During the first half of 2012, the corporate and investment banking businesses, which have $50 billion of capital, generated combined revenues of $18.3 billion and net income of $4.5 billion, the bank said. Their return on equity, a key measure of shareholder profitability, was 19 percent.

(Reporting By Jed Horowitz. Editing by Andre Grenon)