(Updates with Jamie Dimon’s overseas expansion goals in the fifth paragraph, comments in the sixth.)
June 29 (Bloomberg) -- JPMorgan Chase & Co., this year’s top adviser on corporate takeovers, appointed Jeff Urwin to be global head of investment banking as it seeks to coordinate operations across regions.
Urwin, co-head of North American investment banking since July, will lead investment-banking coverage, capital markets and mergers and acquisitions, wrote Jes Staley, chief executive officer of JPMorgan’s investment bank, in an employee memo obtained by Bloomberg News and confirmed by Tasha Pelio, a company spokeswoman. JPMorgan, the second-largest U.S. lender, hasn’t had a global head of investment banking in years.
“We interact in a global marketplace at a pace and along dimensions not possible as recently as a few years ago,” Staley, 56, wrote in the memo. “The opportunities to serve are enormous, as are the challenges, and it is important that JPMorgan’s coverage model conform to this global paradigm.”
Urwin, 55, is among the highest-ranking JPMorgan executives to join the New York-based firm through its 2008 acquisition of Bear Stearns Cos. Reporting to Staley, he will help run a business that ranks No. 1 in U.S. debt underwriting and syndicated-loan underwriting and that has advised on $269.2 billion in takeovers this year, ahead of Morgan Stanley and Goldman Sachs Group Inc., data compiled by Bloomberg show.
Dimon’s Expansion Goals
Chief Executive Officer Jamie Dimon has made expanding overseas a priority as emerging markets like Brazil grow at two and three times the pace of developed nations like the U.S. and U.K. Investment bank head Staley laid out ambitious plans early last year to double the bank’s market share in Asia in the next few years.
“We’re adding bankers, branches, and products to serve the multinationals where they want to be served,” Dimon, 55, told investors June 2 at a conference held by Sanford C. Bernstein & Co. in New York. “If we go to China or India or Indonesia or Malaysia, it’s not just for the business there. We’re helping Italian companies go to Indonesia. We’re helping Indonesian companies go to America.”
In the memo, Staley described Urwin as a “highly experienced” banker, manager and leader.
“He has played a pivotal role in building our Americas investment-banking franchise over the past three years,” Staley wrote. A successor for the post Urwin is vacating will be named “shortly,” Staley said.
Urwin was co-head of investment banking at Bear Stearns, which he joined in 1996, and head of global emerging markets at Lehman Brothers Holdings Inc. in New York. He and Kevin Willsey replaced Doug Braunstein as co-heads of investment banking for the U.S. and Canada last year when Braunstein became chief financial officer.
--With assistance from Zachary R. Mider in New York. Editors: David Scheer, William Ahearn
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