NEW YORK ( TheStreet) -- JPMorgan Chase's ( JPM) investment bank announced three promotions and a new hire in its mergers and acquisitions department, with a special focus on building out its health care practice.

The firm promoted longtime dealmaker Jimmy Elliott to global chairman of M&A, a newly created role. It also hired Jim Woolery from law firm Cravath, Swaine & Moore to become co-head of North America M&A with Chris Ventresca, who currently serves in that role.

Elliott has been at JPMorgan for 14 years, most recently as head of the global M&A practice. Woolery has worked closely with the firm as legal counsel as a partner in Cravath's corporate department, handling M&A. He will join on Feb. 7.

"Jim Woolery is a well-respected M&A adviser to top businesses across multiple industries. His extensive knowledge and experience is a great addition to our firm," Jes Staley, CEO of the investment bank, said in a statement. "I look forward to seeing this team use its collective strengths to serve our clients and to grow our business."

Additionally, as part of an effort to "revamp its healthcare practice," JPMorgan said Jeff Stute will become head of North America Healthcare M&A. Stute has been a member of the health care practice for 17 years.

Robbie Huffines was also promoted to vice chairman of investment banking, with a special focus on "deepening JPMorgan's relationships with the firm's most important clients," the bank said in a press release.

JPMorgan topped global investment banking league tables in 2010, according to Thomson Reuters. However, it ranked No. 3 in health care, with 36 deals and 26% of market share, behind rivals Goldman Sachs ( GS) and Credit Suisse ( GS).

-- Written by Lauren Tara LaCapra in New York.

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