This is not just a reorg; this is a JPMorgan reorg
JPMorgan doesn’t do things by halves; it has just moved almost everyone at the top of its investment bank and created what amounts to an internal boutique.
A focus on rainmakers – perhaps also with an eye on the competing attractions for senior staff that lie outside the big global banks – is behind a radical new reshaping of the senior management of JPMorgan’s investment bank.
A raft of product and regional managers have been promoted to a new executive committee of global chairs, to be headed by Carlos Hernandez, the former head of global investment banking and now perhaps likely to be referred to as the "chair of chairs".
The move is a hefty increase in the cadre of senior bankers in Hernandez’s direct orbit. His new committee comprises 18 chairs, with 10 new promotions joining the eight chairs that already existed. On the business management side, eight promotions from within product and regional lines join what is a 14-strong investment banking management team, under new heads Vis Raghavan and Jim Casey, who report to Hernandez.
In a memo to staff outlining the changes, Hernandez put them in the context of a transformation of the firm’s global investment banking business that started in 2019. Beefing up client coverage is a priority, and his committee is intended to do just that by freeing the firm’s most senior bankers from the drudgery of running teams, instead placing their focus squarely on client relationships.