JPMorgan names heads for healthcare, tech investment banking

(Reuters) - JPMorgan Chase (NYSE:JPM ) announced on Thursday leadership changes in a push to strengthen its healthcare and technology investment banking, according to an internal memo seen by Reuters.

Ben Carpenter and Jeremy Meilman would be the global co-heads of healthcare investment banking, while Chris Grose and Greg Mendelson have been named global co-heads of the technology investment banking, according to the memo.

Investment banking has been a bright spot for the major Wall Street firms, as more companies look to raise capital through debt or equity offerings and engage in takeover deals driven by growing confidence in the U.S. 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 grew 46% to $2.5 billion for the quarter ended in June, compared with a low base a year earlier.

Carpenter, an industry veteran, rejoined JPMorgan from Citigroup in 2021 as a healthcare mergers and acquisitions (M&A) banker and Meilman has been with the bank for nearly two decades, as per the memo.

Grose joined JPMorgan's technology and diversified industries team in 2005, while Mendelson, who has been at the firm since 2015, served as the vice chair of investment banking in his most recent role at the firm.



"Our clients and colleagues will benefit greatly from their networks, strategic insights and market expertise," Doug Petno and Filippo Gori, co-heads of global banking, said in the memo.

The largest bank in the U.S. also named Mike Gaito as the global chair of healthcare investment banking and Pankaj Goel, Madhu Namburi and Drago Rajkovic as global chairs of technology investment banking.

Source: Investing.com