JPMorgan Chase Makes Major Changes at Top of Investment Banking Arm

JPMorgan Chase is making major changes, including new leaders, at the top of its investment banking division, a media report says.
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JPMorgan Chase  (JPM) - Get Report is making major changes, including naming new leaders, at the top of its investment banking division, a media report says.

The bank named Viswas Raghavan and James Casey to jointly run its global investment banking unit, sources told Reuters

A number of top dealmakers will join a new executive committee of global chairs, to be headed by global banking head Carlos Hernandez. 

Global M&A co-heads Hernan Cristerna and Chris Ventresca are among those who will drop management responsibilities and join the 18-member global chair executive committee, Reuters reported.

Three women will sit on the comitteee: the firm's global head of equity capital markets, Liz Myers, and global chairs Isabelle Sellier and Jennifer Nason, who has focused on financial services and tech-media-telecom, Reuters reported.

The committee will feature current wealth-management Executive Chair Andy Cohen, healthcare rainmaker Steven Frank and several existing vice chairs.

To fill Cristerna and Ventresca’s roles, the bank will elevate eight bankers to manage specific regions and products.

Hernandez is reportedly driving the changes at the bank as the executive wants the bank’s global chairman network to shift focus solely to client relationships while allowing the new hierarchy to mentor the next generation of dealmakers, according to Reuters.

"This is far from being a retirement plan for anyone," sources told Reuters. "The ultimate goal is to breed the next generation of star bankers."

JPMorgan shares at last check were down 1.2% to $135.76. 

The stock is down more than 2% year to date, while over the past 12 months, the shares are up nearly 30%.