Bloomberg News

JPMorgan Promotes Slaughter to Co-Head of North America Unit

July 14, 2011

(Updates with earnings in penultimate paragraph.)

July 14 (Bloomberg) -- JPMorgan Chase & Co., this year’s top adviser on corporate takeovers, promoted Larry Slaughter to co-head of its North American investment banking division, replacing Jeff Urwin.

Slaughter, based in London and head of corporates for Europe, the Middle East and Africa, will relocate to New York at the end of the third quarter, according to a memo. A spokeswoman for the second-biggest U.S. bank confirmed the appointment today. He joins Kevin Willsey as head of the unit.

The promotion follows less than a month after Urwin was appointed global head of investment banking. Slaughter, who joined JPMorgan more than two decades ago, had helped oversee European mergers & acquisitions and advised private-equity and industrial clients, according to the memo. The spokeswoman declined to say who will replace Slaughter.

JPMorgan, based in New York, is the No. 1 adviser on global M&A this year, providing counsel on $282 billion in transactions, according to data compiled by Bloomberg. The firm is working with AT&T Inc., the second-largest U.S. wireless carrier, on its $39 billion bid for Deutsche Telekom AG’s T- Mobile USA Inc. unit, the biggest transaction of the year, Bloomberg data show.

Slaughter has been based in London since 1992. He has advised on the sale of Chrysler by DaimlerChrysler, moisturizer- ingredient maker Cognis Holding GmbH’s sale to to BASF SE and on the acquisition of British drugstore chain Alliance Boots Holdings Ltd. by KKR & Co.

Separately, the company said today that second-quarter net income rose 13 percent, more than analysts projected, partly because of surging profit at the investment-banking unit. Fees from underwriting stocks and bonds boosted investment-banking earnings to $2.06 billion, or 38 percent of the total.

JPMorgan, led by Chief Executive Officer Jamie Dimon, was the most profitable bank in 2010, with a record $17.4 billion in earnings.

--Editors: Julie Alnwick, Edward Evans

To contact the reporter on this story: Brett Foley in London at bfoley8@bloomberg.net

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net


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