JPMorgan Chase has announced a new organizational structure for its Global Banking (GB) business.
The GB business now brings together the bank’s Commercial, Corporate and Investment Banking lines, according to a memo provided to PYMNTS Thursday (April 4) by JPMorgan Chase.
“Our new GB franchise strengthens connectivity across these teams and enables us to deliver the power of the firm to help our clients succeed,” Filippo Gori and Doug Petno wrote in the memo.
Commercial Banking includes the bank’s heritage Commercial Real Estate, Community Impact Banking and Middle Market Banking & Specialized Industries businesses. It will be led by John Simmons.
Global Corporate Banking combines the heritage Corporate Client Banking and Corporate Banking businesses. It will be led by Bregje de Best and James Roddy.
Global Investment Banking will be led by Gori and Petno.
Within Global Investment Banking, there will be four product heads.
Dorothee Blessing and Jay Horine will become global co-heads of Investment Banking (IB) Coverage; Kevin Foley will become global head of Capital Markets, while continuing as global head of Debt Capital Markets (DCM); and Anu Aiyengar will become global head of Advisory while continuing to lead the Mergers & Acquisitions business, Corporate Advisory & Sustainable Solutions and Director Advisory Services teams.
Blessing and Horine will be responsible for the bank’s industry coverage groups and regional IB leadership, while Foley will oversee the bank’s DCM and Equity Capital Markets businesses.
“Bringing together the strengths and capabilities of Commercial, Corporate and Investment Banking solidifies our position as the most complete and diversified Global Banking business in the world,” Gori and Petno wrote in the memo.
This news follows a Jan. 25 announcement in which JPMorgan Chase outlined senior management changes and new alignments that it said “will help the company serve clients even better as well as further develop the company’s most senior leaders” and “position the firm for the future.”
Reuters reported at the time that those changes were aimed at giving executives more experience running different businesses as JPMorgan prepares succession plans for Chairman and CEO Jamie Dimon. Dimon signaled in May that he may leave in 3½ years, according to that report.
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