(Updates with JPMorgan profit in fourth paragraph.)
Jan. 20 (Bloomberg) -- JPMorgan Chase & Co. hired Marc Granetz, Credit Suisse Group AG’s former chairman of investment banking, to lead a new unit for global finance initiatives.
Granetz, 55, will report to Chief Financial Officer Doug Braunstein, according to a memo sent to employees of the New York-based bank today. His group will work with executives and businesses across JPMorgan on “critical issues related to finance and strategy,” according to the memo. The memo’s contents were confirmed by Jennifer Zuccarelli, a JPMorgan spokeswoman.
“Marc will play an instrumental role in leading initiatives that help drive sustained market leadership and long-term profitability across the firm, such as our liquidity project and expense management,” Braunstein said in the memo.
JPMorgan last week said fourth-quarter net income slid to $3.73 billion, or 90 cents a share, from $4.83 billion, or $1.12, in the same period a year earlier as revenue from investment banking fell. Full-year profit rose 9 percent from 2010 to a record $19 billion. The shares, which fell 22 percent last year, rose 43 cents to $37.36 at 3:25 p.m. in New York trading.
Credit Suisse said last month that Granetz would leave the bank “to pursue an opportunity outside investment banking.” Switzerland’s second-biggest lender by assets named Granetz to chairman of investment banking at the end of 2009 after he served five years as co-head of the department, which handles merger advice and securities underwriting.
Granetz has overseen global mergers and acquisitions, run media and telecommunications banking and managed a team that advised oil and gas companies.
--Editors: Steve Dickson, David Scheer
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