JPMorgan Chase & Co. promoted Paul Palmeri to head its public-finance division as the bank expands its business underwriting U.S. state and local-government bonds.
Palmeri, who has worked in finance for 25 years, joined JPMorgan in its securitized products group in 2005 and shifted to public finance three years later, according to a memo obtained by Bloomberg News. He replaces Jeff Bosland, who has moved on to lead sales and marketing for fixed income and equities in the Americas, according to Justin Perras, a spokesman for JPMorgan. Perras confirmed the memo.
“Paul is one of our most experienced risk managers, having worked across a number of asset classes during his 25-year career,” Daniel Pinto and Matt Zames, the bank’s co-heads of fixed income, said in the memo.
JPMorgan, the largest and most profitable U.S. bank, has gained ground in underwriting in the $3.7 trillion municipal-debt market. The bank has expanded its share of the long- and short-term municipal-bond market, the bankers said in the memo.
Palmeri’s promotion was reported earlier by the Wall Street Journal.