PYMNTS MonitorEdge May 2024

Report: JPMorgan Chief Market Strategist Marko Kolanovic Stepping Down

JPMorgan Chase’s chief global market strategist Marko Kolanovic is reportedly stepping down.

That’s according to a Wednesday (July 3) report by Bloomberg News, citing an internal memo. That memo says that Kolanovic — a 19-year employee of the country’s largest lender and also its head of global research — is resigning so he can explore “other opportunities.”

With his departure comes some reshuffling, the report said. Dubravko Lakos-Bujas will take over as head of market strategy and become chief market strategist, overseeing cross-asset, equity and macro. Hussein Malik will become the sole head of global research.

Stephen Dulake and Nicholas Rosato will co-lead fundamental research, a new team combining credit and equity research.

A spokesperson for JPMorgan declined to comment when reached by PYMNTS.

The Bloomberg report argued that Kolanovic’s departure comes after a “disastrous” two-year stretch of stock market calls by the executive.

He remained “steadfastly bullish” through most of 2022 as the S&P 500 Index fell 19% and Wall Street strategists reduced their expectations for equities. The bank’s strategy, the report noted, are alone among Wall Street banking giants in expecting a selloff in U.S. equities.

Kolanovic’s departure follows the resignation of two other high-profile executives at the bank.

Prabdev Singh, JPMorgan’s CEO for India, reportedly stepped down last month midway through his three-year term approved by regulators.

Also in June, Takis Georgakopoulos, JPMorgan Chase’s global head of payments, stepped down from his post to pursue other ventures, with Max Neukirchen and Umar Farooq named as his successors.

Days later, PYMNTS reported that Georgakopoulos was set to join Fiserv in September, serving as a senior advisor, executive vice president and a member of the management committee.

“We are pleased to welcome Takis to the Fiserv team,” Frank Bisignano, chairman, president and CEO of Fiserv, said in the release. “Takis’s extensive payments and leadership experience and operational expertise will be an outstanding addition to our strong team, as we continue to focus on creating value for our clients while investing in our products, services and people.”

These departures come as JPMorgan prepares for the eventual retirement of longtime chief executive Jamie Dimon.

“The board is focused on enabling an orderly CEO transition to take place in the medium-term,” the bank’s board said in a proxy statement in April. “As part of succession planning, the board continues to oversee management’s development of several operating committee members who are well-known to shareholders as strong potential candidates to succeed Mr. Dimon.”