JPMorgan Chase has announced a new organizational structure for its Global Banking (GB) business.
According to a memo provided to PYMNTS by JPMorgan Chase on Thursday (April 4), the GB business currently combines the bank's commercial, corporate and investment banking lines.
“Our new GB franchise will strengthen collaboration between these teams and enable us to unleash the power of the company to help our clients succeed.” Filippo Gori and Doug Petno I wrote it in a memo.
The Commercial Banking segment includes the bank's traditional commercial real estate, community impact banking, middle market banking and specialty industrial businesses. John Simmons.
Global Corporate Banking is a combination of our traditional Corporate Client Banking and Corporate Banking businesses. Breje de Best and James Roddy.
The global investment banking division will be led by Gori and Petno.
The global investment banking division has four product heads.
Dorothee Blessing and Jay Horine will take on the role of global co-heads of investment banking (IB) coverage. Kevin Foley He will take on the role of Global Head of Capital Markets while continuing as Global Head of Debt Capital Markets (DCM). Anu Iyengar He will take on the role of Global Head of Advisory, continuing to lead the Mergers & Acquisitions, Corporate Advisory & Sustainable Solutions and Director Advisory Services teams.
Blessing and Hollin will be responsible for the bank's industry coverage group and regional IB leadership, while Foley will oversee the bank's DCM and equity capital markets businesses.
“The combined strengths and capabilities of our commercial, corporate and investment banking operations will strengthen our position as the most complete and diversified global banking operation in the world,” Gori and Petno wrote in the memo.
The news follows a January 25 announcement by JPMorgan Chase. Senior management changes The company said the new structure will “further improve service to customers and help further develop the company's top executives” and “position it for the future.”
Reuters report At the time, the changes were reported to be aimed at giving executives experience running different businesses as JPMorgan prepared a succession plan for Chairman and CEO Jamie Dimon, who had signaled in May that he might step down within the next three and a half years, according to the report.
