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Exclusive-JPMorgan shuffles bosses as Rivas to retire as head of North American investment banking -memo

Published Sep 26, 2023 01:48PM ET Updated Sep 26, 2023 05:07PM ET
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© Reuters. FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar/File Photo
 
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By Nupur Anand

NEW YORK (Reuters) -JPMorgan Chase reorganized the leadership in its investment bank, promoting a new head in North America to succeed Fernando Rivas, who plans to retire, according to a memo seen by Reuters.

Rivas, who previously ran the financial institutions group, was one of JPMorgan's lead negotiators in its purchase of failed First Republic Bank (OTC:FRCB) in May. He will be replaced by Jay Horine, who is currently the global industry co-head for energy, power and renewables, metals and mining (EPRM), according to the memo.

Horine will also continue to be the global industry co-head of EPRM.

The bank also appointed several global heads for industry groups reporting to Jim Casey and Vis Raghavan, who jointly lead global investment banking, effective immediately.

JPMorgan also formed a new digital banking group run by Samik Chandarana that will draw on technology platforms, data science and artificial intelligence to serve clients, the memo said.

Chandarana was previously chief data and analytics officer for the corporate and investment bank.

The changes come weeks after two senior bankers departed the largest U.S. lender.

Christian Oberle left to join Barclays as the head of its financial sponsors group in the Americas, and Marco Caggiano exited for Morgan Stanley as vice chair of mergers and acquisitions.

JPMorgan's CEO Jamie Dimon said in a conference earlier this month that he expects investment banking revenue to be flat. It climbed 11% to $1.5 billion in the second quarter. That performance was better than its forecast in May for a 15% decline.

Here is a list of global investment banking industry coverage heads who have been elevated to global roles as part of the organizational change:

INDUSTRY EXECUTIVE

Healthcare Michael

Gaito

Technology Madhu

Namburi

Media & Fred

Communicat Turpin

ions

Real Guillermo

Estate and Baygual

Infrastruc and Tom

ture Grier

Diversifie Charlie

d Bouckaert,

Industries Mark

Marengo

and

Alberto

Piana

Energy, Jay Horine

Power, and James

Renewables Janoskey

,Metals &

Mining

Consumer & Guillermo

Retail Baygual

Business Dana

Services Weinstein

Strategic Ina De,

Investors Klaus

Group Hessberger

and Avery

Whidden

Financial Jared

Institutio Kaye,

ns Laurent

Nevi and

John

Purcell

Regional John

Investment Richert

Banking

Exclusive-JPMorgan shuffles bosses as Rivas to retire as head of North American investment banking -memo
 

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