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 practically three years to hitch JPMorgan.

Bob Elfring, one of many best-known dealmakers within the Metropolis, is ready to hitch JPMorgan as vice chair of funding banking for Europe, the Center East and Africa, in response to 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 hitch JPMorgan in a vice chair function — by which senior dealmakers tackle shopper relationships with out administration accountability — because it seems to increase its lead on the prime of the funding banking league tables.

Daniel Pinto, chief govt of JPMorgan’s company and funding financial institution, informed FN final yr that it could 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 may have, or if it’s 10%, however development will get tougher from right here,” he mentioned on the time.

To this point this yr, JPMorgan has 9.4% of the worldwide funding banking charge pool and ranks primary, in response to knowledge 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 shoppers. 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 govt vice chair inside its company and funding financial institution, main the workforce.

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

Elfring will deal with Emea, however specifically, 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 numerous management roles in London and Amsterdam through the years and has an in depth community of shopper relationships throughout Emea,” the memo mentioned. “His deep market information, wide-ranging company finance experience and intensive relationships will likely be instrumental in elevating the extent of strategic dialogue with shoppers 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 response to folks accustomed to the matter.

READ Daniel Pinto: The quiet man who might be king at JPMorgan

JPMorgan has made numerous 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 centered on environmental, social and governance points.

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

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