Sept 21 (Reuters) - UBS Group AG’s head of consumer products and retail investment banking, David Tcholakian, has left the bank to join JPMorgan Chase & Co as a managing director, according to three people familiar with the matter. The people asked not to be named because Tcholakian’s hiring had not yet been announced at JP Morgan. Representatives for JPMorgan and UBS representative declined to comment. Based in New York, Tcholakian has worked at UBS for nearly two decades, beginning in 1999, according to his LinkedIn page. As a managing director, Tcholakian will work under JP Morgan’s current global head of consumer retail investment banking Eric Oken.
In June, Reuters reported that UBS Group had hired Deutsche Bank AG’s global co-head of consumer retail and services, Jeff Rose, to be co-chief of Americas mergers and acquisitions. Separately, the bank also appointed Solon Kentas, previously a managing director at Deutsche Bank, to help lead the Swiss bank’s U.S. consumer and retail dealmaking efforts.
That move followed an April turnover in which UBS also lost three senior consumer retail bankers, Brett Pickett, Lowell Strug, and Peter Kuhn, to Barclays Plc.
The changes are part of a broader reshuffle in the industry as large banks compete for talent and connections that can help them bring in banking business during a period of blockbuster consumer mergers.
Retail and consumer goods giants are making large investments to quickly meet changing consumer demands while keeping costs down as shoppers’ habits and tastes change.
In August, Walmart sealed its biggest ever deal with a $16 billion agreement for control of India’s largest e-commerce company, Flipkart Group, the latest leg in a race for retail relevance set off when Amazon.com Inc acquired Whole Foods for $13.7 billion in June 2017.
In June, Conagra Brands Inc bought Pinnacle Foods Inc (PF.N) for about $8 billion while in February General Mills bought natural pet foods maker Blue Buffalo, also for about $8 billion. (Reporting by Harry Brumpton Editing by Tom Brown)