Business
JPMorgan Intensifies Attack on Investment Banking – Record Number of Managing Directors Poached from Rivals
JPMorgan strengthens investment banking with record hires, surpasses rivals in fees, and intensifies the battle for global market leadership.
JPMorgan Chase has poached around 100 managing directors from competitors like Goldman Sachs and Citigroup in the past twelve months – more than in the previous ten years combined. The unprecedented personnel additions are part of a broad-based initiative by the largest US bank to expand its influence in global investment banking.
The new hires are the result of an internal realignment at the beginning of 2024, when JPMorgan merged its commercial, investment, and corporate banking units. Since then, the bank has specifically recruited senior bankers for key sectors such as healthcare, technology, and infrastructure. Expanding the business in Europe and Asia, as well as in the mid-market segment, is also a focus.
Among the new additions are prominent names: Jerry Lee moved from Goldman Sachs as Global Chair of Investment Banking, Kamal Jabre came from HSBC as Vice-Chair for M&A in Europe, Middle East and Africa. Citi lost several experienced bankers to the rival, including Eduardo Miras, Theo Giatrakos, Keith Heller, and Anthony Diamandakis.
The aggressive personnel policy takes place against the backdrop of intensified competition. In addition to traditional rivals Goldman and Citi, JPMorgan is increasingly pressuring boutique consultancies like Evercore and Centerview, which are gaining market shares with large mandates. At the same time, JPMorgan had to give up at least ten experienced investment bankers to Citi after Vis Raghavan, the former global investment banking chief, moved there.
Financially, the bank underscores its ambitions: In the first six months of this year, it achieved $4.7 billion in investment banking fees – significantly ahead of Goldman with $4.1 billion and Citi with $2.2 billion. This cements JPMorgan's position as a global market leader.
The dynamic is also accompanied by internal power shifts. Several top managers are positioning themselves as potential successors to Jamie Dimon, who has been at the top for almost two decades. Among the most promising candidates are Doug Petno and Troy Rohrbaugh, the co-heads of the commercial and investment bank, as well as Marianne Lake, head of the consumer division.
