JPMorgan Chase to combine three lines under Global Banking

JP Morgan Chase announced a new organizational structure for its Global Banking (GB) business.

The GB business is currently combining the bank’s commercial, corporate and investment banking divisions, according to a memo JPMorgan Chase provided to PYMNTS on Thursday (April 4).

“Our new GB franchise strengthens the connections between these teams and enables us to deliver the firm’s power to help our clients succeed.” Filippo Gori and Doug Petno I wrote it in my memo.

Commercial Banking includes the Bank’s traditional commercial real estate, community impact banking, and middle market banking and specialty industry businesses. It is led by John Simmons.

Global corporate banking is a combination of traditional corporate client banking and corporate banking businesses. It is led by Brege des Bests and james roddy.

The global investment banking division will be led by Mr. Gori and Mr. Petno.

The global investment banking division will have four product leaders.

Dorothy Blessing and Jay Hollein will become global co-heads of investment banking (IB) coverage. kevin foley He will become Global Head of Capital Markets and will continue to serve as Global Head of Debt Capital Markets (DCM).and Anu Iyengar He will become Global Head of Advisory and continue to lead the Mergers & Acquisitions, Corporate Advisory & Sustainable Solutions, and Director Advisory Services teams.

Mr. Blessing and Mr. Hollein will be responsible for the leadership of the bank’s industry coverage group and regional IB, while Mr. Foley will oversee the bank’s DCM and Equity Capital Markets businesses.

“By combining the strengths and capabilities of our commercial, corporate and investment banking businesses, we solidify our position as the world’s most complete and diverse global banking practice,” Gori and Petno said in the memo. ” he said.

This news follows a Jan. 25 announcement outlined by JPMorgan Chase. Changes in senior management He said the new adjustments will “not only help us better serve our customers, but also further develop our most senior leaders” and “position the company for the future.”

Reuters report At the time, these changes were aimed at giving executives experience running a variety of businesses as JPMorgan prepares a succession plan for Chairman and CEO Jamie Dimon. Dimon indicated in May that he may retire within three and a half years, the report said.