JPMorgan appoints new heads for healthcare and tech investment banking
A sign outside the headquarters of JP Morgan Chase & Co in New York
JPMorgan Chase said on Thursday that it has reshuffled its leadership, with a push to strengthen its healthcare and technology investment banking, according to an internal memo that Reuters had seen.
The memo said Ben Carpenter and Jeremy Meilman will be global co-heads of healthcare investment banking, while Chris Grose and Greg Mendelson are picked as global co-heads of technology investment banking.
The investment bank is one of the bright spots for the major Wall Street firms as more companies strive to raise capital through debt or equity offerings and engage in takeover deals, driven by growing confidence in the US economic outlook.
JPMorgan beat estimates for second-quarter profit in July, helped by a resurgence in dealmaking and strong capital markets.
Its investment banking revenue surged 46 per cent to $2.5 billion for the quarter ended June, versus a low base a year ago.
Carpenter is an industry veteran who rejoined JPMorgan from Citigroup in 2021 as a healthcare mergers and acquisitions (M&A) banker, and Meilman has been with the bank for close to two decades, the memo said.
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Grose joined JPMorgan's technology and diversified industries team in 2005, while Mendelson has been at the firm since 2015 and served as the vice chair of investment banking in his most recent role.
"Our clients and colleagues will benefit greatly from their networks, strategic insights and market expertise," said Doug Petno and Filippo Gori, co-heads of global banking in the memo.
The largest bank in the US has also promoted Mike Gaito as global chair for healthcare investment banking and Pankaj Goel, Madhu Namburi, and Drago Rajkovic as global chairs for technology investment banking.