Peter Scher, champion of Detroit rebound, retiring as JPMorgan Chase vice chair

The big picture: Bloomberg noted that Scher, 64, has helped Dimon "build the biggest U.S. bank into a public-policy force in Washington and beyond."

• Beyond JPMorgan Chase, Scher has been a leader in D.C.'s political, government and legal communities for more than three decades — including working as a Senate chief of staff, U.S. special trade ambassador under President Bill Clinton and managing partner of the law firm Mayer Brown. Scher is frequently consulted by candidates and campaigns.
• Scher is a co-founder of the Greater Washington Partnership, an influential private-sector force, and immediate past board chair.

Zoom in: Dimon said Scher has been "the driving force behind our historic $200 million investment in Detroit after the city filed for bankruptcy — a model for how we bring the full force of the firm to invest in communities and drive real change — which showed all of us, and the world, that doing good is also good for business."

• Dimon said Scher will continue as a senior adviser to the firm's senior leaders until the end of 2026.

What they're saying: Scher told me this was "a very personal decision." "Working with Jamie and this team has been the opportunity of a lifetime," Scher said. "While I plan to stay active in business and public policy, there are trips my family and I want to take, mountains we want to ski, and beaches we want to visit."

• Detroit Mayor Mike Duggan said in a statement to Axios: "Peter Scher and JPMorgan Chase have been so critical to Detroit's comeback. Peter has been there for twelve years, literally since the earliest days of the city's recovery, and Detroit has benefitted immeasurably from his leadership."

Go deeper: "Detroit's rebound shows model for urban revitalization."