Nupur Anand, Svea Herbst-Beyliss and Tatiana Bautzer
NEW YORK (Reuters) – Two senior JPMorgan Chase (NYSE:) dealers, Andy Lipsky and Heidi Lee, are leaving the bank, two sources familiar with the situation said on Thursday.
Lipsky, JPMorgan’s vice president of investment banking, has helped advise industrial companies including General Electric (NYSE:) about major deals. He reported to Jay Horyn, co-head of global investment banking coverage, and left Credit Suisse in 2020.
Lipsky is heading to Morgan Stanley, said two other sources, who asked not to be identified to discuss personnel matters. He will take the same position as at JPMorgan, one of the people said. Morgan Stanley declined to comment on the matter.
Lee, co-head of the company’s strategic investors’ mergers and acquisitions group, is returning to Goldman Sachs, said two people discussing personnel matters who asked not to be identified. She reported to Anu Iyengar, 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 Wern, who co-led the group with Lee, remains in his position, two sources said.
The exits follow the departure of Phil Ross, a 25-year JPMorgan veteran who served as chairman of the company’s global healthcare investment banking unit. Ross leaves for Jeffreys. Bloomberg previously reported his departure.
JPMorgan has ramped up its hiring during the pandemic, bringing in bankers like Lipsky and Lee to help it compete with rivals.
But the bank has faced a number of notable anomalies in recent months. Christian Oberle joined Barclays to oversee private equity relationships, while Marco Caggiano left to join Morgan Stanley as vice chairman of mergers and acquisitions.
The latest layoffs come weeks after the bank reorganized the leadership of its global banking division, promoting new leaders in capital markets and investment banking.
The new structure is designed to accommodate JPMorgan’s clients as they grow and become more complex.
The changes follow a reshuffle of top managers in January.
Jennifer Piepsak has been named co-CEO of JPMorgan’s combined 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 U.S. lender.
JPMorgan’s investment banking revenue rose 27% to $2 billion in the first quarter, boosted by higher debt and equity underwriting fees.
The lender said it is starting to see some momentum in mergers and acquisitions, but regulatory challenges remain.