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Jes Staley, the head of JP Morgan’s investment bank sent out a memo today announcing the internal promotion of Jeff Urwin to Global Head of Investment banking, according to the Bloomberg wire service.Urwin is a former Bear Stearns banker; this promotion makes him the highest-ranking Bear executive since the bank was bought by JP Morgan in 2008.
“Urwin, co-head of North American investment banking since July, will lead investment-banking coverage, capital markets and mergers and acquisitions,” according to Bloomberg. “JPMorgan… hasn’t had a global head of investment banking in years.”
The move is part of the bank’s attempt to coordinate operations globally.
According to Financial News, “Urwin… had been co-head of global investment banking at Bear Stearns [and] was among the five [Bear] bankers picked from a group of 25 chosen to run JP Morgan’s investment bank in April 2008 after its acquisition of the smaller firm.”
Before Bear, he was head of global emerging markets at Lehman Brothers Holdings.
We reachde out to JP Morgan to see if Urwin’s promotion impacts Jes Staley’s role as head of the investment bank. The bank responded that Urwin, who manages the investment bank, will report to Staley, who oversees both investment banking and markets.
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