(Adds background on JPM in Germany)
FRANKFURT, June 28 (Reuters) - JP Morgan has picked two managers to lead its mergers and acquisitions and capital markets business in Germany, as the U.S. bank seeks to expand its footprint in Europe’s largest economy.
Tobias Heilmaier and Michele Iozzolino will fill the newly created role as co-heads of corporate finance coverage, Germany, reporting to the country’s head of investment banking, Christian Kames, JP Morgan said in a note to staff seen by Reuters.
Heilmaier is joining JP Morgan from Goldman Sachs, where he had acted as head of Chemicals, EMEA. Iozzolino has been with JP Morgan since 2005 and has been Frankfurt-based since 2011.
The two investment bankers will work closely with Christoph Seidel, head of M&A for Germany and Austria, helping expand JP Morgan’s Germany business across industry and product groups.
A JP Morgan spokeswoman confirmed the contents of the memo.
Unrelated to the hires, JP Morgan has been building its business on the European continent in recent year as it prepares for Britain’s departure from the European Union.
Chief Executive Jamie Dimon had said in January, that the bank could move more than 4,000 jobs out of Britain due to Brexit.
The bank has said its hubs in Frankfurt, Dublin and Luxembourg will be expanded due to Brexit, but has been shy on specific numbers.
In April, Dimon said in a letter to shareholders that for JP Morgan Brexit will mean moving 300-400 jobs around Europe to be able to conduct business on the first day after Brexit. (Reporting by Arno Schuetze; Editing by Maria Sheahan and Alexandra Hudson)