JP Morgan & Co has announced a series of initiatives to expand its global base of corporate and institutional clients through e-commerce. Leading the effort is the creation of two major business groups – investment banking and markets.
Walter Gubert, vice chairman of the board, takes a lead role in expanding and deepening the global client franchise, according to officials. Gubert will relinquish day-to-day management responsibilities for investment banking to focus on his new duties.
The expanded investment banking group will focus on delivering Morgan’s strategic advice, global perspective and solutions across the spectrum of corporate clients. The group, which will unite all investment banking, mergers and acquisitions, and equity and debt capital markets activities world-wide, will be headed by Clayton Rose, managing director, who previously led the firm’s global equities business.
The new markets group will bring together all market making activities across the cash and derivatives markets in debt, equity and foreign exchange instruments. William Winters, managing director previously responsible for the firm’s global interest rate and foreign exchange business, will lead the new group, which will focus on delivering insight and best execution around the world.
Nicolas Rohatyn, managing director, who formerly headed global credit market and credit portfolio activities, has been named to lead the acceleration and integration of Morgan’s electronic business initiatives.
The firm has recently launched a number of e-commerce services, including Market Axess, the Internet’s largest fixed income platform for connecting institutional investors and securities dealers, and Cygnifi, the first comprehensive, independent derivatives services company that will offer risk management products and advice primarily through use of the Internet.
Rohatyn’s effort will encompass Morgan’s electronic business incubator, called Lab60, and other initiatives to broaden the commercial application of our technology assets.
“We’re off to a great start this year, with a strong pipeline of business throughout the firm,” says Morgan’s chairman, Douglas Warner III. “These changes align our leadership with key opportunities to broaden our client franchise and accelerate innovation to help our clients succeed in the new economy. With a highly focused, highly competitive organisation, we can pursue those opportunities with even greater speed and success.”