Two weeks ago, Daniel E. Pinto was named the sole chief executive of JPMorgan Chase’s sweeping corporate and investment bank. Now, he is leaving his first major mark on the unit.
Mr. Pinto on Monday announced a number of executive shifts within his division, according to an internal memorandum reviewed by DealBook. The moves will simplify the chains of command, as well as give bigger roles to veteran executives.
They come as Mr. Pinto assumes sole responsibility for a business he previously led with Michael Cavanagh, who announced two weeks ago that he was leaving to work for a longtime client, the Carlyle Group, a private equity firm. The departure of Mr. Cavanagh was the latest high-profile exit by a senior executive at the bank in recent years.
The moves by Mr. Pinto are meant, in part, to emphasize what insiders call a deep bench of management talent at the firm. In the memo, Mr. Pinto emphasized that the leadership of the corporate and investment bank has spent an average of 14 years at JPMorgan.
Among the most prominent changes on Monday was the naming of Carlos Hernandez, the head of JPMorgan’s investor services, as co-head of global banking alongside Jeff Urwin.
The promotion is meant to formally put two executives in charge of the three main parts of the division: investment banking, corporate banking and treasury and security services. Before Monday, Mr. Urwin oversaw investment banking while Don McCree headed the other two divisions.
But Mr. McCree, a three-decade veteran of JPMorgan, is retiring, giving both Mr. Hernandez and Mr. Urwin an opportunity to unite the disparate business lines.
The position is the latest hat that Mr. Hernandez has worn since joining what became JPMorgan in the 1980s. During his tenure, his responsibilities have included leading mergers, Latin American investment banking and global equities.
His most recent role, overseeing investor services, has included important functions like prime brokerage for hedge funds and custody services for corporate clients.
By contrast, Mr. Urwin joined the firm in early 2008 when it acquired his employer, Bear Stearns, in a bid to stabilize the failing investment bank. Since then, he has risen from co-chief of North American investment banking to the head of Asia-Pacific operations and then global head of investment banking.
Mr. Hernandez’s role as head of investor services will be filled by John Horner, a lieutenant who spent much of his career in corporate financing.
The other big change by Mr. Pinto on Monday was naming Joyce Chang, a prominent analyst covering fixed income and emerging markets, as the global head of research. She will replace Tom Schmidt, who earlier in the year had asked for the chance to play a new role â€" perhaps still within JPMorgan.
Ms. Chang, who has been named several times to American Banker’s most powerful women in finance, previously worked at Merrill Lynch and Salomon Brothers.
A number of other executives were also named to new positions, including Jeff Bosland as the head of treasury services; Guy America and Matt Cherwin as the new co-heads of global credit; and Marc Badrichani as head sales and marketing for the Americas.
Here’s the full memo from Mr. Pinto:
Message from Daniel Pinto
In an effort to streamline the CIB leadership structure, I am pleased to announce some changes to the Corporate & Investment Bank management team. These individuals will report to me, unless otherwise noted.
Banking
Carlos Hernandez will become the co-head of global Banking, alongside Jeff Urwin. Together, they will manage Corporate Banking, Treasury Services and Investment Banking worldwide. Over the past 18 months, Carlos has successfully integrated our Investor Services business, a platform that includes unique capabilities across prime services, financing and securities services. During his career at J.P. Morgan, he has led many different areas of Investment Banking, including M&A and Capital Markets. Don McCree informed us late last year of his desire to pursue opportunities outside the firm after a long and distinguished career at J.P. Morgan (click for full announcement). Over the next few months, Don will transition his responsibilities to Jeff and Carlos.
Jeff Bosland will become head of Treasury Services, reporting to Jeff and Carlos, and continue to serve on the CIB Management Committee. Jeff was recently co-head of Americas Sales & Marketing for Markets & Investor Services and previously ran Public Finance.
Markets & Investor Services
John Horner will become head of Investor Services, succeeding Carlos. In addition to overseeing the Markets & Investor Services financing businesses, John has been responsible for our liquidity and funding initiatives within the CIB, and will maintain those responsibilities.
Guy America and Matt Cherwin will become co-heads of global Credit (including Emerging Markets Credit), Securitized Products and Public Finance.
James Kenny and Troy Rohrbaugh will become co-heads of global Rates, Foreign Exchange, Commodities and Emerging Markets. As previously announced, Blythe Masters has decided to leave the firm, take some well-deserved time off and consider future opportunities. She will continue to assist the bank over the next few months to ensure a smooth transition of our physical commodities business to Mercuria (click for full announcement).
Tim Throsby will remain head of global Equities and also become chair of the CIB Technology Strategy Council.
Sales & Marketing for Markets & Investor Services
Marc Badrichani will become sole head of Sales & Marketing for the Americas, which encompasses the U.S., Latin America and Canada.
Alessandro Barnaba and Sikander Ilyas will expand their responsibilities to become co-heads of International Sales & Marketing. Previously, they co-led Sales & Marketing for the EMEA region. Filippo Gori will become head of Sales & Marketing for Asia Pacific, reporting to Alessandro and Sikander. Filippo recently relocated to Hong Kong after Damian Roche had informed us of his desire to move on to a new role. Damian will continue to transition his regional Sales & Marketing responsibilities to Filippo.
Research
Joyce Chang will become global head of Research, succeeding Tom Schmidt who, earlier this year, indicated his desire to pursue new challenges after successfully running our Research franchise for the past several years (click for full announcement).
Chief of Staff
Takis Georgakopoulos will become Chief of Staff, which includes managing the CIB Strategy Team. During his career at J.P. Morgan, Takis has served as head of Corporate Strategy, Chief Financial Officer of Global Corporate Banking and is currently head of Multinational Corporate Banking Coverage.
Please join me in congratulating these proven leaders on their new and expanded responsibilities, and wishing others the best as they pursue new chapters in their careers. The talent and experience represented throughout our CIB Management Team is underscored by the fact that its individual members have spent, on average,14 years at J.P. Morgan. Those deep partnerships, combined with our extraordinary client franchise and industry-leading businesses place us in excellent position to continue our future success.
/s/ Daniel
