- Teresa Heitsenrether is joining JPMorgan’s corporate and investment bank’s management team, according to a memo reviewed by Business Insider.
- Heitsenrether, a long-time veteran of the bank, played a role in JPMorgan landing a $US1 trillion deal last year.
Teresa Heitsenrether is joining JPMorgan’s corporate and investment bank’s management team, according to a memo reviewed by Business Insider.
Heitsenrether, a veteran of the bank, is replacing James Kenny, who announced his intention to retire in October.
Heitsenrether, who currently leads Custody & Fund Services, will now report directly to Daniel Pinto, chief executive officer of the bank’s CIB.
“Teresa has proven herself time and time again during her career at J.P. Morgan, helping to build and grow multiple businesses including Prime Finance and Custody & Fund Services into the leading businesses they are today,” the memo said.
Custody & Fund Services doesn’t often make headlines, but it is a strong source of revenue for JPMorgan, accounting for nearly $US4 billion of the bank’s revenues. Revenues for JPMorgan’s Securities Services – in which Custody and Fund Services is housed – are up 9% over the last year.
During a fourth quarter earnings call, JPMorgan chief executive Jamie Dimon highlighted the business’ growth.
“In the Custody and Fund Services business, we’ve added great new technology,” Dimon said. “We’ve gained – I think it looks like we’ve gained a little bit of share in the emerging markets where we were probably a little bit weak. Service levels have gone way up.”
Under Heitsenrether’s leadership, the bank’s Custody and Fund Services struck a $US1 trillion deal with BlackRock to be the firm’s custodian.