(Reuters) – JPMorgan Chase’s co-head of global markets, Jason Sippel, is leaving the Wall Street lender and Pranav Thakur has been named sole head of the business, an internal memo seen by Reuters showed on Friday.
Sippel will be leaving for another opportunity after a 23-year stint at the largest U.S. bank by assets, where he held various roles, including expanding its prime brokerage business and overseeing global credit trading and public finance.
Earlier this month, JPMorgan reported a record annual profit as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter.
Stronger trading results in both fixed-income and equities businesses helped sustain revenues at the bank’s Wall Street operations through a years-long downturn in dealmaking that hurt the investment banking unit.
JPMorgan’s global markets franchise ended 2024 with a record revenue of $30 billion.
Thakur, who joined the bank in 2007 and previously served as head of global macro markets, was appointed co-head of the business in 2024 alongside Sippel.
(Reporting by Manya Saini in Bengaluru and Nupur Anand in New York; Editing by Shounak Dasgupta)
