Timothy Main, who has run the JPMorgan Chase & Co. investment-banking unit for financial institutions in North America for nine years, plans to take a “senior” role elsewhere in the firm, the bank said in a memo.
Main, 45, will take a new job when he returns from a sabbatical in January, New York-based JPMorgan said in an internal memo yesterday confirmed by spokeswoman Kristin Lemkau. The memo doesn’t specify the position. Two bankers from Main’s group, Fernando Rivas, 36, and John Simmons, 40, were promoted to jointly lead the unit.
Under Main, JPMorgan’s investment bankers boosted market share with bank and insurance clients and played a role in some of the most tumultuous chapters in the global financial crisis. Main and his team helped Wells Fargo & Co. outmaneuver Citigroup Inc. to buy the tottering Wachovia Corp., and worked with PNC Financial Services Group Inc. on its takeover of National City Corp., both in 2008.
The financials unit “has grown across all products and geographies to become No. 1 in the sector,” said Jeffrey Urwin and Kevin Willsey, co-heads of investment banking in the U.S. and Canada, in the memo.
JPMorgan’s rank for both equity underwriting and merger advice for North American financial companies jumped to second place from 2008 through today from eighth place during 2001 to 2003, according to data compiled by Bloomberg.
Main, a native of South Africa, joined the former J.P. Morgan & Co. in 1987 after graduating from Princeton University.