John Hogan, named chief risk officer at JPMorgan Chase as its “London Whale” trades began racking up huge losses, may leave the company, CEO Jamie Dimon said.

Hogan will hold a new title, chairman of risk, after returning Monday from a leave, Dimon said in a memo. Ashley Bacon, Hogan’s deputy, will become chief risk officer.

Dimon said that Hogan will work with Bacon for “several” months, adding that afterward “he may choose to do something . . . outside of our company.”