Euro Zone financial news

JPMorgan hires ex-Financial institution of America boss Elfring for vice chair function

The previous European head of company and funding banking at Financial institution of America in Europe has come out of retirement after almost three years to affix JPMorgan.

Bob Elfring, one of many best-known dealmakers within the Metropolis, is ready to affix JPMorgan as vice chair of funding banking for Europe, the Center East and Africa, in accordance with an inner memo seen by Monetary Information and confirmed by a financial institution spokesperson.

Elfring stepped down from Financial institution of America in April 2018, having spent seven years on the US financial institution, and led its company and funding financial institution in Emea since 2012.

He’s the newest rainmaker to affix JPMorgan in a vice chair function — through which senior dealmakers tackle consumer relationships with out administration duty — because it appears to be like to increase its lead on the high of the funding banking league tables.

Daniel Pinto, chief government of JPMorgan’s company and funding financial institution, instructed FN final yr that it might be more and more tough to stretch its share of the pockets past 9%. “There are extra banks on M&A, fairness and debt offers than beforehand, so I don’t know if 9% is the utmost you’ll be able to have, or if it’s 10%, however development will get more durable from right here,” he mentioned on the time.

Up to now this yr, JPMorgan has 9.4% of the worldwide funding banking payment pool and ranks primary, in accordance with information supplier Dealogic.

In February final yr, as a part of a broad shake-up of the higher ranks of its funding financial institution, JPMorgan promoted 18 senior dealmakers into vice chair positions to deal with its most essential purchasers. Carlos Hernandez, who has held quite a few senior positions on the financial institution over a 30-year profession on the financial institution, was named government vice chair inside its company and funding financial institution, main the crew.

READ JPMorgan hires Linklaters star companion Charlie Jacobs as UK funding banking co-head

Elfring will deal with Emea, however particularly, on extending JPMorgan’s footprint within the Netherlands, the memo from Conor Hillery and Dorothee Blessing, Emea funding banking co-heads on the US financial institution mentioned.

“Bob has held various management roles in London and Amsterdam over time and has an intensive community of consumer relationships throughout Emea,” the memo mentioned. “His deep market information, wide-ranging company finance experience and intensive relationships will probably be instrumental in elevating the extent of strategic dialogue with purchasers throughout the area.”

Luigi Rizzo, a former Financial institution of America dealmaker who beforehand headed up its European Union funding banking enterprise, has additionally come out of retirement this month round a yr after leaving the financial institution. He has joined Morgan Stanley as a vice chair inside its funding financial institution, in accordance with individuals conversant in the matter.

READ Daniel Pinto: The quiet man who may very well be king at JPMorgan

JPMorgan has made various senior hires to bolster its funding financial institution in latest months together with former Linklaters lawyer Charlie Jacobs as head of UK funding banking and Chuka Umunna, who was beforehand a Labour MP, as head of a brand new division targeted on environmental, social and governance points.

To contact the writer of this story with suggestions or information, electronic mail Paul Clarke

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