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 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
(Reporting by Nupur Anand in New York; Editing by Lananh Nguyen, David Gregorio and Mark Porter)
