Key facts
- JPMorgan Chase appointed Rob Sweeney as global chair of investment banking.
- Sweeney previously worked at Goldman Sachs and Sycamore.
- He will advise corporate clients, focusing on the consumer and retail sectors.
- JPMorgan has hired over 1,000 bankers globally this year.
- The bank's investment banking fees rose 30% in the second quarter year-on-year.
JPMorgan Chase has appointed Rob Sweeney, a former executive at Goldman Sachs and Sycamore, as its new global chair of investment banking. The appointment, revealed in an internal memo seen by Reuters, is part of the bank's strategy to expand its investment banking division.
In his new role, Sweeney will focus on advising major corporate clients, particularly within the consumer and retail sectors, and will collaborate with senior bankers on key client relationships. He will also contribute to the bank's security and resilience initiatives, according to Filippo Gori and John Simmons, co-heads of global banking.
The hire comes at a time when banks are actively seeking to increase their market share in dealmaking, which has seen a resurgence after several years of subdued activity in mergers and equity issuance. JPMorgan has significantly expanded its workforce, hiring over 1,000 bankers globally this year to bolster its coverage teams across various industries and regions as corporate activity accelerates.
This move follows a series of senior appointments at JPMorgan's global banking division, including Amy Lissauer as global head of shareholder activism and Michael Flynn as head of small-cap investment banking.
JPMorgan's investment banking fees saw a substantial increase, rising 30% in the second quarter compared to the previous year, reaching their highest point since 2021. Co-President Doug Petno indicated in September that the bank anticipated a mid-to-high teens percentage increase in third-quarter investment banking fees year-on-year, driven by a robust deal pipeline and broad-based strength within its business.