JPMorgan is reshuffling senior management at the top of its investment bank, nam...
) is reshuffling senior management at the top of its investment bank, naming two new global co-heads and shifting some of its most senior dealmakers into new jobs focused purely on bringing in business, two sources told Reuters.
The appointments are part of a sweeping reshuffle in which some senior executives will take on “rainmaker” roles. These include Dorothee Blessing and Conor Hillery who will become co-heads of investment banking in Europe, Middle East and Africa and Fernando Rivas who is taking the helm of the same unit in North America.
JPMorgan’s leadership makeover highlights the pressures big investment banks are under to retain senior staff in the face of increasing competition from rival boutiques which can attract seasoned bankers with more entrepreneurial roles. But with many bankers reaching the “managing director” grade in their early thirties, banks are looking for new ways to motivate them and reward their loyalty.Hernandez, who is driving the changes, wants the bank’s global chairman network to focus solely on client relationships and also to mentor a new breed of dealmakers, the two sources said.Current wealth management executive chair Andy Cohen is set to be part of the new global chairmen group while continuing in his previous role.
Under the new structure, Anu Aiyengar and Dirk Albersmeier will take over from Cristerna and Ventresca as global co-heads of M&A, the source said.
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