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Jack Welch's next move
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October 24, 2001: 2:02 p.m. ET
Former General Electric CEO will become an advisor to J.P. Morgan Chase.
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NEW YORK (CNNmoney) - J.P. Morgan Chase & Co. said Wednesday former General Electric Co. Chairman and CEO Jack Welch will join the No. 2 U.S. bank holding company as an adviser.
New York-based J.P. Morgan said Welch's primary focus will be to work with CEO William Harrison on the continued development of an integrated corporate culture at Morgan.
Welch, who joined New York buyout firm Clayton Dubilier & Rice as a special partner earlier this month, led GE for 20 years to build it into one of the world's largest and most valuable companies.
"We're very pleased Jack Welch will work with us on these critical initiatives," Harrison said. "His commitment to organizational learning helped make GE one of the world's great companies."
J.P. Morgan (JPM: Research, Estimates) merged with Chase last year to form a global financial powerhouse, and the combined entity still is digesting the deal to become a more cohesive unit.
Shares of J.P. Morgan were up 37 cents to $36.13 early Wednesday afternoon on the New York Stock Exchange. 
-- from staff and wire reports
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