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.