Apollo, JPMorgan, and SVB Leerink


  • J.P. Morgan CFO Marianne Lake

    Marianne Lake is a frontrunner to succeed Jamie Dimon as CEO of JPMorgan.

    Richard Drew/AP

Here’s a rundown of news on hires, exits, and promotions from the past week.  Are we missing anyone? Let us know.

  • A leadership shakeup at JPMorgan provides new clues about who will take over for CEO Jamie Dimon when he eventually retires:
    • The firm tapped Marianne Lake, who had been head of consumer lending, and Jennifer Piepszak, JPMorgan’s CFO, to co-lead the firm’s sprawling consumer and community banking business, the firm announced Wednesday. The two are frontrunners to succeed Dimon.
    • The pair took over the CCB reins from Gordon Smith, who announced his surprise retirement. When Smith — who had previously been on the shortlist for the CEO position — leaves JPMorgan at the end of the year, Daniel Pinto, another CEO contender, will be the firm’s sole president and COO. 
    • Jeremy Barnum, head of global research for the firm’s corporate and investment bank and a former CFO for the CIB, replaced Piepszak as CFO, effective immediately.
  • JPMorgan also promoted Matt Sable to lead the Corporate Client Banking & Specialized Industries financial institutions group, according to a Thursday press release. In his new role, Sable, who had been the firm’s commercial banking strategy head, will focus on mid-to-large cap companies with complex financing needs.
  • Morgan Stanley unveiled sweeping leadership changes Thursday that put four longtime executives who are all men — Andy Saperstein, Ted Pick, Dan Simkowitz, and John Pruzan — in the running to be its next chief executive:
    • Andy Saperstein, Morgan Stanley’s head of wealth management, will become co-president of the firm alongside Ted Pick, leader of the institutional securities business. Saperstein will now oversee all facets of Morgan Stanely’s wealth business, including 15,000 financial advisors; E-Trade; its business that provides financial services to other companies; and firmwide global marketing. Pick will oversee the firm’s international operations and co-lead strategy and execution with investment management head Dan Simkowitz.
    • John Pruzan, Morgan Stanley’s CFO, will become the firm’s COO. 
    • Morgan Stanley promoted head of investor relations Sharon Yesaya to replace Pruzan as CFO. She will also join the operating committee.
    • Shelley O’Connor, who previously co-led wealth management with Saperstein, was promoted to be vice-chairman of the bank and the head of external affairs.
    • Mike Pizzi, who joined the bank from the top spot at E-Trade, will be the new head of US banks.
    • Jed Finn, the COO of wealth management, will join the bank’s operating committee.
  • Morgan Stanley Investment Management‘s private credit and equity team nabbed Peter Ma from Colbeck Capital, where he was a managing director, PEHub reported.
  • Investment firm Apollo Global Management saw some major moves this week.

    • On Thursday, it announced in a statement that cofounder Josh Harris would step down as managing director once Apollo merges with insurance affiliate Athene. He would remain on the Apollo board of directors and executive committee, the firm said.

    • Craig Farr will join the firm in a newly created role as a senior partner to lead its capital solutions activities, per a press release. Farr, who most recently served as a senior advisor to Carlyle, will report directly to Apollo co-presidents Scott Kleinman and Jim Zelter. 

  • Mitsubishi UFJ Financial Group (MUFG) poached nine hires from Wells Fargo this week for its Restaurant Finance group within its corporate and investment banking division, the firm said in a press release. Managing director Nick Cole will head the newly expanded group and managing director Quinn Hall will lead loan underwriting and portfolio management, reporting to Cole. Other new additions include managing director Joe Rinaldi, managing director Eric Schnyder, director Emily Sutton, director Matt Kochan, director Zac Kalemba, vice president Luis Victorio and associate Mike Le. The new hires, who start on June 1, will operate from San Diego, Atlanta, Chicago, and Boston.
  • Manulife Investment Management announced in a press release that it hired Christoph Schumacher as global head of real assets, a newly created position. Schumacher joined from Credit Suisse Asset Management, where he served as global head of real estate and managing director.
  • Wells Fargo appointed John Hackney and James Peery as co-heads of Energy Transition, a spokesperson told Insider in an email. Hackney, who has been at the bank for 17 years, will continue in his role leading Renewables investment banking within the Power, Utilities, and Renewables (PUR) group. Peery, who has been at the bank for over a decade, most recently as head of energy equity capital markets, will lead the newly established Energy Solutions and Technology (ES&T) effort.
  • Portfolio manager Doug Heinz left Citadel to join LMR Partners in the same role, sources told Insider. Heinz joined LMR Partners to invest in financial stocks in May.
  • Healthcare and life sciences investment bank SVB Leerink announced more hires amid its rapid expansion.

    • The bank poached a team of technology, media, and telecommunications investment bankers from UBS, including group head Jason Auerbach, sources familiar with the matter told Insider. Auerbach, formerly a global cohead of the UBS TMT investment banking group, resigned along with several other senior TMT bankers in his group to join SVB Leerink, the people said.

    • The bank announced in a press release that M. Toby King has joined the firm’s Healthcare Services practice as a senior managing director based in New York. King joins SVB Leerink from Citigroup where he spent more than a decade, most recently, as managing director and head of North America healthcare.

  • Blackstone‘s $18.7 billion real-estate investment trust (REIT), Blackstone Mortgage Trust, appointed 36-year-old Katie Keenan as chief executive on Wednesday, per the Wall Street Journal. Keenan was promoted from her prior role as president of the REIT and is set to succeed Steve Plavin, who will be overseeing Blackstone’s European debt business.
  • Wells Fargo marketing head Michael Lacorazza is leaving the company amid a wider restructuring that includes the retirement of the chief marketing officer role, two sources with direct knowledge of the matter told Insider. He is still with the company and hasn’t yet set a firm date for his exit, the people with knowledge of the matter said.

  • Tony Kerrison, who is Bank of America‘s chief technology officer and the leader of its technology and infrastructure services (TIS), has been given a bigger remit and will now report directly to Cathy Bessant, who is Bank of America’s top tech executive, Insider reported this week. 

  • Mandeep Walia has left Facebook Financial’s Novi to be chief compliance and risk officer for payments company Circle, it announced in a Tuesday press release. Walia, who had been Novi’s chief compliance officer and head of enterprise risk management, previously worked at other payments platforms including LendUp and Paypal. Her hire comes as Circle has made multiple executives hires over the last few months, including CFO Jeremy Fox-Greene.
  • Goldman Sachs‘ consumer business has a new leader. Peeyush Nahar, a top engineering executive at Uber, is set to join on June 1 as a partner and the head of the bank’s consumer business, which includes its digital bank Marcus, according to an internal memo viewed by Insider. 

  • Grapevine, Texas-based auto-finance technology company Car Capital nam two new company advisors, according to a press release. Joining the team is John Binnie, who was formerly vice chairman of corporate and investment banking at Bank of America, and Kirk Shryoc, who was managing partner at Hard Right Solutions and co-founder of Mobility Financial Management.

Meredith Mazzilli, Reed Alexander, Bradley Saacks, Carter Johnson, Dakin Campbell, Bianca Chan, Lara O’Reilly, and Alex Morrell contributed to this report.


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