NEW YORK, Sept 7 (IFR) - JP Morgan tapped Mark Leung and Jason Sippel to become global co-heads of equities, effective immediately, according to an internal memo obtained by IFR.
They will replace Tim Throsby who left JP Morgan to join rival Barclays as head of its investment bank.
Leung and Sippel, described as “long-standing JP Morgan veterans” in the memo by Daniel Pinto, head of corporate and investment banking, will also manage the prime services business with James Kenny.
JP Morgan has one of the deepest benches of talent on Wall Street, making it an easy target for other banks looking to build their brands.
Throsby became the latest of a series of JP Morgan executives to be lured away by Barclays chief executive Jes Staley. Staley, a former top lieutenant of JP Morgan chief executive Jamie Dimon, took the helm at Barclays in December 2015 and has hired at least seven of the firms top bankers.
JP Morgan, however, is understood to have succession plans in place for key executives which allow it to make appointments quickly when executives leave in order to minimize disruptions.
Leung and Sippel will also join JP Morgan’s CIB management team.
Leung joined JP Morgan in 1997. He began his career in rates derivatives trading and transitioned into credit hybrids trading in 2005. He moved into the Asia Pacific equities business in 2007 and was appointed head of Asia Pacific equity derivatives in 2013 and was subsequently promoted to lead the overall Asia Pacific equities franchise in 2014.
Sippel has spent 14 years at JP Morgan. Most recently, he was the global head of the prime services business, leading the bank’s effort to create a more seamless experience for clients across prime services and equities. (Reporting by Philip Scipio; editing by Shankar Ramakrishnan)