JP Morgan is undertaking a huge senior level management shake-up in its investment banking division Bloomberg reports.
A major addition is outsider James Woolery, who has been hired to co-head the bank’s North American M&A unit.
Chris Ventresca, who has managed the group since 2008, will remain in that position alongside his new colleague.
“The opportunity to work with Chris and manage J.P. Morgan’s M&A business is a once-in-a-lifetime opportunity at a premier franchise,” Woolery said.
Jeffrey Stute, who had managed North American M&A with Ventresca while simultaneously advising on health-care deals will now head up North American health-care coverage for the bank.
Now to Woolery, who begins work for JP in February.
He is a partner at Cravath Swaine and Moore, a law firm.
If this interview with the WSJ is anything to go by, JP has just hired a pitbull. “We’re more aggressive than we used to be,” he said about his soon-to-be ex-employer.
“This is not your grandfather’s Cravath.” He said the new approach means more “hustling for loose balls” than in the past.
At Cravath, Woolery is the Chairman of the Business Development Group – the practice that oversees M&A activity. He predicts a “major uptick in tech M&A.“
According to the law firm’s website, “Woolery has routinely been recognised as one of the country’s leading M&A practitioners.” A Kentucky native, he earned a B.A. from Wake Forest University and a J.D. from University of Kentucky in 1994.
According to Bloomberg, Robbie Huffines, who was running the health group, will become a vice chairman of investment banking.
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