Obama picks JP Morgan's Daley as chief of staff

US President Barack Obama on Thursday picked JP Morgan Chase executive William Daley as his new White House chief of staff as part of a major retooling of his team, a senior White House official said.

The announcement was to come at 2:30 pm local time. Obama is to name the current chief of staff, long-time aide Pete Rouse, as counselor to the president. (Reuters)