JPMorgan is overhauling senior management at the top of its investment bank, naming two new world co-chiefs, and moving some of its most senior dealmakers into new jobs focused completely on bringing in business.
The Wall Street bank has appointed Viswas Raghavan and James Casey to collectively run its global investment banking segment, one source stated.
The appointments are part of a sweeping overhaul in which some senior representatives will take on “rainmaker” positions.
Global M&A co-heads Hernan Cristerna and Chris Ventresca is among those that will drop management duties and instead be a part of a new executive panel of 18 global chairpersons, the two sources stated, focused on winning business from clients.
To fill their shoes, the bank is selling eight bankers to manage particular regions and products.
These include Dorothee Blessing and Conor Hillery, who will turn into co-chiefs of investment banking in Europe, the Middle East and Africa (EMEA), and Fernando Rivas, who’s taking the wheel of the same subsidiary in North America.
Raghavan and Casey – currently CEO and chief of banking for EMEA and global chief of debt capital markets respectively – will both report into JPMorgan’s world banking chief Carlos Hernandez who’s in turn taking on a brand new position as the executive chairperson of global investment banking, one source stated.
This source mentioned Raghavan would keep his EMEA CEO job, reporting to the bank’s co-president Daniel Pinto in this capacity.
JPMorgan’s management makeover marks the pressures big funding banks are under to retain senior employees in the face of growing competition from rival boutiques, which may attract established bankers with more entrepreneurial positions.