Exclusive: JPMorgan Restructures Leadership as Rivas Retires from North American Investment Banking – Memo by Reuters

By Nupur Anand

NEW YORK – JPMorgan Chase has recently made changes to its investment banking leadership, appointing a new head in North America to succeed Fernando Rivas, who is set to retire, as revealed in a memo obtained by Reuters.

Rivas, formerly in charge of the financial institutions group, played a key role as one of JPMorgan’s lead negotiators during its acquisition of a failed bank earlier this year. He will be succeeded by Jay Horine, who currently serves as the global industry co-head for energy, power, renewables, metals, and mining. Horine will maintain his role in this capacity as well.

In addition to this leadership change, the bank has named new global heads for various industry groups under Jim Casey and Vis Raghavan, who are both leading global investment banking, effective immediately.

JPMorgan has also launched a new digital banking group overseen by Samik Chandarana, which aims to leverage technology platforms, data science, and artificial intelligence to enhance client services. Chandarana was previously the chief data and analytics officer for the corporate and investment banking division.

These changes follow the recent departure of two senior bankers from the largest U.S. lender. Christian Oberle has moved to Barclays to lead its financial sponsors group in the Americas, while Marco Caggiano has left for Morgan Stanley as vice chair of mergers and acquisitions.

JPMorgan’s CEO, Jamie Dimon, indicated in a recent conference that he anticipates investment banking revenue to remain stable. It rose 11% to $1.5 billion in the second quarter, surpassing the projected 15% decline announced in May.

A list of the newly appointed global heads for various industry sectors as part of this reorganization includes:

• Healthcare: Michael Gaito
• Technology: Madhu Namburi
• Media & Communications: Fred Turpin
• Real Estate and Infrastructure: Guillermo Baygual and Tom Grier
• Diversified Industries: Charlie Bouckaert, Mark Marengo, and Alberto Piana
• Energy, Power, and Renewables: Jay Horine, James Janoskey
• Metals & Mining:
• Consumer & Retail Business: Guillermo Baygual
• Business Services: Dana Weinstein
• Strategic Investors Group: Ina De, Klaus Hessberger, and Avery Whidden
• Financial Institutions: Jared Kaye, Laurent Nevi, and John Purcell

These strategic appointments reflect JPMorgan’s commitment to strengthening its investment banking operations in a dynamic market environment.