JPMorgan Chase names new investment-bank boss and sets up digital bank in flurry of personnel moves

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Financial giant elevates banker who has worked at the firm for 17 years, as veteran Fernando Rivas retires.

JPMorgan Chase & Co. is promoting a 17-year insider to lead the financial giant’s major investment-banking business and is setting up a new unit within that franchise to focus on digital banking services, according to an internal memo seen by MarketWatch.

JPMorgan Chase (JPM) said that Fernando Rivas plans to retire in early 2024 after almost 30 years with the bank. He became head of North America investment banking in 2020 and first joined the bank in 1995 as an analyst in its North American financial institutions group.

The bank said Rivas has been “instrumental” in growing its investment-banking business in the U.S. and overseas and is “globally recognized as one of the leading financial services investment bankers by clients and colleagues alike.”

Jay Horine, who joined the bank in 2006, has been tapped to become head of North America investment-banking client coverage, in addition to a role as global industry co-head for energy, power, renewables, metals and mining. He brings more than 30 years of total investment-banking experience, including 12 years at Goldman Sachs Group Inc. (GS) prior to joining JPMorgan Chase.

“Jay has led numerous landmark transactions across the energy sector and is playing a pivotal role in helping many of our top clients prepare for the energy transition,” the company said.

The bank is also setting up a new digital banking group within its investment bank to help use artificial intelligence to help its clients.

That group will be led by Samik Chandarana, who has been chief data and analytics officer at JPMorgan Chase’s corporate and investment bank for the past six years. Chandarana will be part of the global banking management team.

Overall, the bank said it’s elevating regional industry heads to its global management team, with product heads and regional heads staying the same.

JPMorgan Chase is a component of the Dow Jones Industrial Average DJIA. The stock is up 8.2% so far in 2023, compared with a 0.9% rise by the Dow average during the same time period.

The changes at JPMorgan Chase were initially reported late Tuesday by Reuters.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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