JPMorgan Promotes Willsey as Investment Bank Shakeup Continues
JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, shuffled management around the world at its newly combined corporate and investment bank to take advantage of any rebound in capital markets.
Kevin Willsey, 49, was elevated from co-head of the investment bank in North America to global chairman of capital markets, according to an internal memo from the New York-based bank today. Larry Slaughter, who ran the North American division with Willsey, will become global chairman of diversified industries.
Chief Executive Officer Jamie Dimon, 56, has overhauled management during a year marred by more than $6.2 billion in trading losses and as banks struggled with weak revenue. In July, he also combined treasury services with the corporate and investment banks to create the new unit. Former investment bank CEO James “Jes” Staley, 55, relinquished day-to-day management responsibilities to Michael Cavanagh and Daniel Pinto at the time and was appointed the division’s chairman.
The bank wants “a more holistic approach to coverage as others step back and capital-markets activity picks up,” Viswas Raghavan, 46, who was promoted to head of banking for Europe, Middle East and Africa, said in an interview today. “The worst is probably past in Europe, and though it won’t be smooth sailing, a new balance will be found.”
Raghavan, the former head of global equity capital markets, was among about a half dozen executives in Europe, Asia and Latin America to also get new jobs today. The changes were announced by Jeff Urwin, 56, the global head of investment banking, and Don McCree, 51, who was named chief executive officer of global corporate banking earlier this month, in a memo to employees of the recently combined corporate and investment bank.
Alejandro Guevara and Lisandro Miguens were named as co- heads of banking in Latin America. Tom DuCharme and Therese Esperdy will also co-run investment banking in Asia Pacific, according to a separate memo confirmed by a spokeswoman in London today.
Eric Stein, 45, who ran the diversified industries group in investment banking in North America, will become head of investment banking coverage for the same region, reporting to Urwin, according to today’s memo. Liz Myers will succeed Raghavan as global head of equity capital markets, reporting to Urwin.
Bill Contente, the former co-head of equity capital markets, is returning to the firm in January after a leave of absence and will become a vice chairman of equity capital markets, reporting to Myers, according to the memo.