Milley will advise the bank's board of directors, senior leaders and clients on dangers around the world.
Regulators publicly warned the industry last year to carefully assess any large exposures to debt on commercial property.
Insiders have been predicting the firm would need to rotate bosses to give them new challenges.
Dimon was granted a $1.5 million salary and $34.5 million of performance-based incentive compensation.
Bucking the trend, the firm wants to add head count.
This year was marred by the biggest U.S. bank failures since the 2008 financial crisis.
Dimon has been saying for over a year that despite being in good shape now, U.S. consumers and businesses are facing major headwinds.
The increase of more than 250% in JPMorgan's shares during his tenure has helped turn the executive into a billionaire.
He also warned that the technology can be used by "bad people to do bad things.”
Jamie Dimon said JPMorgan Chase & Co...