JPMorgan Restructures Its Banking Team As Senator Warren Plays Hard Ball With CEO Demon
The shakeup will mostly affect the technology, media, and telecommunications team; Senator Warren hits back at claims that she has no idea about banking sector.
JPMorgan Chase (NYSE:JPM) is restructuring its media, technology and telecommunications setup by elevating a lot of its top bankers into these division while giving a new role to the current team in giving a shot at the deal making role.
In an internal memo forwarded to its employees, Kurt Simon will become global chairman of mergers and acquisitions, a position which calls for working with the bank’s top clients across various scales of industries. To this end, Mr. Simon will move to New York to report to Carlos Hernandez, who is JPMorgan’s head of global banking. Chris Ventresca and Hernan Cristerna will assist Mr. Simon by co-leading the worldwide mergers team.
Because of his departure, the division, in which he worked at, will now be divided and headed by a group of deputies. Michael Millman, who will continue his role as co-head equity capital markets in the America’s regions, will lead the technology investment banking team responsible for North America operations. Whereas, the North American media and telecom teams will directly report to long time dealmaker for the telecom industry, Mark Fiteny.
Noah Wintroub will shift from his stint as the specialist for digital media companies to become investment banking vice president. Jennifer Nason will keep her posts as global head of tech, media, and telecom division as a dealmaker.
Meanwhile, a war of words has been initiated between Senator Elizabeth Warren and JPMorgan’s CEO, Jamie Dimon, with the latter firing the first salvo in accusing the senator of not having any idea about the workings of banking system. Consequently, the former fired back by stating that she does know fully well how it works, but the former Harvard Law School professor and the main proponent behind the creation of the U.S. Consumer Financial Protection Bureau, also knows how top bankers are able to mint money and that is why many bankers are ganging up on her.
Ms. Warren went on to paint the financial industry as coming up with a way to trick people into pouring cash on more risky investments but when it goes wrong, throw the whole burden on the consumers to clean up the mess.
This is not the first time Ms. Warren has raised this allegation, as she has stated that in her memoir, A Fighting Chance, that she had a heated conversation with Mr. Dimon.
JPMorgan stock price ended the day at $68.24, down 0.41% from the previous day.