JP Morgan has appointed Viswas Raghavan and James Casey as co-heads of global investment banking as part of sweeping changes to leadership in the business.
Carlos Hernandez, head of investment banking, is moving to a new position as executive chair of global investment banking and appointed Raghavan and Casey to take his place.
The other changes cascade below them, and include the appointment of Kevin Foley to replace Casey as head of global debt capital markets.
JP Morgan is also creating an executive committee of global chairs of investment banking aimed at giving some senior "rainmakers" more time to spend with clients. The changes also aim to promote a raft of bankers across asset classes and regions, according to a memo to staff on Tuesday from Hernandez, which was seen by IFR.
London-based Raghavan and New York-based Casey will report to Hernandez. Raghavan will retain his position as head of Europe, Middle East and Africa, and in that role will continue to report to Daniel Pinto, head of the corporate and investment bank, and Mary Erdoes, head of asset and wealth management.
Raghavan and Casey announced the following regional heads, according to a memo they sent to staff:
-Fernando Rivas will become head of North America investment banking;
-Dorothee Blessing and Conor Hillery will become co-heads of EMEA investment banking;
-Filippo Gori will continue as head of banking for Asia-Pacific; and
-Martin Marron will continue as head of Latin America and Canada investment banking.
Raghavan and Casey named the following product heads:
-Foley as head of global DCM;
-Achintya Mangla and Mike Millman will become co-heads of global equity capital markets;
-Anu Aiyengar and Dirk Albersmeier will become co-heads of global mergers and acquisitions;
-Andy O’Brien will continue as head of global loan capital strategy; and
-Huw Richards will continue as global head of digital investment banking.
Bregje de Best and Brad Tully, co-heads of global corporate and private side sales, will also join the investment banking management team.
Hernandez's memo said there will be 10 new executive chairs, joining eight existing people in that position. The new members include Hernan Cristerna and Chris Ventresca as global chairs of M&A and Liz Myers, who will join Kevin Willsey as global chairs of ECM.
The other seven new executive chairs are Ben Berinstein, Mark Feldman, John Gammage, Harry Hampson, Lawrence Henry, Eric Stein and Noah Wintroub.
"The executive committee will provide dedicated senior coverage to our top clients around the globe and will play a key role in mentoring our next generation of bankers," Hernandez said in the memo.
Raghavan joined JP Morgan in 2000 from Lehman Brothers, where he was head of equity-linked capital markets for Europe and Asia. His previous roles at JP Morgan included heading ECM globally and running DCM and ECM for Europe and Asia-Pacific. He has been EMEA chief executive since October 2017.
Casey started running JP Morgan's corporate debt businesses in 2012, after joining the bank in leveraged finance and subsequently running high-yield capital markets and leverage finance. Before joining JP Morgan he worked at Drexel Burham Lambert, Kidder, Peabody & Co, Paine Webber, and CS First Boston.