JPMorgan dealmakers Lipsky and Lee are leaving the bank
Business
JPMorgan dealmakers Lipsky and Lee are leaving the bank
NEW YORK (Reuters) - Two senior JPMorgan Chase dealmakers, Andy Lipsky and Haidee Lee, are leaving the bank, two sources familiar with the matter said on Thursday.
Lipsky, JPMorgan's vice chair of investment banking, helped advise industrial companies including General Electric on big deals. He reported to Jay Horine, co-head of global investment banking coverage, and moved from Credit Suisse in 2020.
Lipsky is headed to Morgan Stanley, two other sources said, declining to be identified discussing personnel matters. He will join in a similar capacity as his role at JPMorgan, one of the sources said.
Lee, co-head of strategic investor group mergers & acquisitions, is returning to Goldman Sachs, said the two sources who declined to be identified discussing personnel matters. She reported to Anu Aiyengar, JPMorgan's global head of advisory, after being hired by Goldman in 2021.
Goldman Sachs did not immediately respond to a request for comment.
Carsten Woehrn, who jointly led the group with Lee, is continuing in his position, two of the sources said.
The exits follow the departure of Phil Ross, a 25-year JPMorgan veteran who served as its global chairman for healthcare investment banking.
Ross is leaving for Jefferies. Bloomberg reported earlier on his departure.
JPMorgan stepped up its hiring during the pandemic by bringing bankers like Lipsky and Lee aboard to compete with rivals.
But the bank has faced a string of prominent departures in recent months. Christian Oberle joined Barclays to oversee its relationship with private equity firms, while Marco Caggiano left to join Morgan Stanley as vice chairman of M&A.
The latest departures come weeks after the bank reorganized leadership in its global banking division, elevating new leaders in capital markets and investment banking.
The new structure aims to cover JPMorgan's clients as they grow in size and complexity.
The changes follow a reshuffle of top executives in January.
Jennifer Piepszak was appointed co-CEO of JPMorgan's merged commercial and investment bank alongside Troy Rohrbaugh, who previously led trading and securities services. Both executives are potential candidates to succeed Jamie Dimon as CEO of the largest US lender.
JPMorgan's investment banking revenue gained 27% to $2 billion in the first quarter, driven by higher fees for debt and stock underwriting.
The lender said that it was beginning to see some momentum in M&A, but regulatory challenges remained.
