Lipsky and Lee, JPMorgan’s exclusive dealmakers, are leaving the bank, people familiar with the matter said.
By Nupur Anand, Svea Herbst-Bayliss and Tatiana Bautzer
NEW YORK (Reuters) – Two senior traders at JPMorgan Chase & Co. (NYSE:), Andy Lipsky and Haidee Lee, will leave the bank, two sources familiar with the matter said on Thursday.
As Vice Chairman of Investment Banking at JPMorgan, Lipsky has advised industrial companies including: general electric (NYSE:) It’s about big deals. He reported to Jay Horine, co-head of global investment banking, and moved from Credit Suisse in 2020.
Two other sources said Lipsky was headed to Morgan Stanley and declined to say whether personnel matters were being discussed. One of the sources said he would join in a role similar to the one he held at JPMorgan.
Lee, the strategic investor group’s co-head of mergers and acquisitions (M&A), is returning to Goldman Sachs to discuss personnel matters, two sources who declined to be identified said. She was hired from Goldman in 2021 and reported to Anu Aiyengar, head of global advisory at JPMorgan.
Goldman Sachs did not immediately respond to a request for comment.
Carsten Woehrn, who co-led the group with Lee, is taking over the position, two sources said.
The departure follows the departure of Phil Ross, who served as global chairman of healthcare investment banking at JPMorgan for 25 years. Ross leaves for Jefferies. Bloomberg previously reported on his departure.
JPMorgan has boosted hiring during the pandemic by bringing in bankers like Lipsky and Lee to compete with rivals.
But the bank has faced a series of notable departures in recent months. Christian Oberle has joined Barclays to oversee relationships with private equity funds, while Marco Caggiano has joined Morgan Stanley as vice president of M&A.
The latest departures come weeks after the bank reorganized its leadership in global banking and promoted new leaders in capital markets and investment banking.
The new structure aims to encompass JPMorgan’s clients of increasing size and complexity.
The changes follow a top management shake-up in January.
Jennifer Piepszak has been named co-CEO of JPMorgan’s commercial and investment banking merger, alongside Troy Rohrbaugh, who previously led trading and securities services. Both executives are potential candidates to succeed Jamie Dimon as CEO of America’s largest lender.
JPMorgan’s investment banking revenue rose 27% to $2 billion in the first quarter, driven by higher fees on debt and equity underwriting.
Lenders said M&A is starting to gain some momentum, but regulatory challenges remain.
