Schwartz to Leave JPMorgan; KKR Bound?
Former Bear Stearns CEO Alan Schwartz will leave JPMorgan Chase (JPM), according to an internal memo that went out this morning to employees and that was read to TheStreet.com.
"With most of the work on the merger integration behind us, Alan will be moving on from the firm at the end of August to pursue other interests," said the memo, signed by CEO Jamie Dimon and the co-heads of the investment banking unit, Steve Black and Bill Winters.
"Despite the extremely difficult circumstances that brought our firms together, Alan has been a terrific and constructive partner throughout the process," the memo stated.
Schwartz, who has been a star adviser to media and telecom companies, including Disney (DIS), Microsoft (MSFT) and Verizon (VZ), has been rumored for more than a month to be headed to Kohlberg Kravis & Roberts.With the legendary buyout firm now going public, the move seems increasingly logical. A spokeswoman for KKR at public relations firm Kekst & Co. declined to comment.
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