JPMorgan Chase has shuffled management around the world at its newly combined corporate and investment bank to take advantage of any rebound in capital markets.
Bloomberg reports that 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.
CEO Jamie Dimon, 56, has overhauled management during a year marred by more than $6.2bn 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 Monday. 'The worst is probably past in Europe, and though it won’t be smooth sailing, a new balance will be found'.
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