JPMorgan Names New Investment Bank Leaders in Major Overhaul

(Bloomberg) -- JPMorgan Chase & Co. shuffled roles in its investment bank in a sweeping overhaul that named new leaders for most of the division’s top roles and moved veteran managers onto a new executive committee of global chairs headed by Carlos Hernandez.

It’s the biggest overhaul of the business in seven years and elevates a new generation of dealmakers. Vis Raghavan and Jim Casey were named global co-heads of investment banking, reporting to Hernandez, who will relinquish day-to-day management of the business and take on a new role as executive chair of global investment banking, according to internal memos sent to staff.

The changes set up an executive committee of 18 global chairs of investment banking who will focus on courting top clients. JPMorgan has been known to rotate managers among businesses to ensure successors stand ready whenever senior-most leaders retire, and elevating top performers can help avoid them being poached by competitors. Raghavan previously led the business in the European region and will remain CEO of Europe, the Middle East and Africa, while Casey ran the debt-underwriting unit.

The moves come after the firm posted a record $7.58 billion in investment-banking fees in 2019, and a week before the bank’s annual investor day. In the past few years, JPMorgan has been hiring bankers in select geographies and sectors to boost coverage and market share.

Other changes:

• Anu Aiyengar and Dirk Albersmeier were picked as co-heads of global mergers and acquisitions, replacing Chris Ventresca and Hernan Cristerna, who were made global chairs of M&A. Ventresca and Cristerna had been in their roles since 2013.
• Fernando Rivas was made head of North America investment banking, replacing Eric Stein, who’d been in the role since 2012. Stein became a global chair.
• Kevin Foley, previously head of loan and high-yield capital markets for EMEA, was named head of global debt capital markets, the role previously occupied by Casey.
• Achintya Mangla, previously head of equity capital markets for EMEA, and Michael Millman, previously co-head of Americas ECM, were chosen to be co-heads of global ECM, replacing Liz Myers, who had been in the role since 2012. Myers became a global chair of ECM.
• Noah Wintroub, who was one of the main bankers on the WeWork initial public offering as a vice chairman of investment banking, also joined the executive committee of global chairs.

To contact the reporters on this story: Michelle F. Davis in New York at mdavis194@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Steve Dickson

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