(Bloomberg) -- JPMorgan Chase & Co. named James Roddy as global head of corporate client banking and specialized industries in its commercial banking unit.
Roddy, previously co-head of diversified industries investment banking, will report to Doug Petno, chief executive officer of JPMorgan's commercial bank. The commercial bank, JPMorgan's smallest line of business by revenue, offers deal advice, treasury services and lending to companies that make up to about $2 billion in revenue. The change was announced in a memo to staff Wednesday and confirmed by a spokeswoman.
Roddy has worked at the biggest U.S. bank for more than two decades and replaces Rob Holmes, who recently left JPMorgan to join Dallas-based Texas Capital Bancshares Inc. as CEO and president.
A former mergers and acquisitions banker, Roddy helped create JPMorgan's regional investment banking team, which acts as a sort of hybrid of the firm's commercial and investment banks by providing investment banking products and services to companies with as much as $5 billion in revenue. Referrals from the commercial bank contributed $2.7 billion, or about 44%, of North America investment banking fees last year, more than the year before, according to a February investor day presentation.
Roddy will have the task of solving complex financing needs for midsize companies that may be too small to work with the firm's investment bank. The group has been seeking to do more business with midsize companies in Europe and Asia, expanding in a market that's traditionally dominated by local banks.
“This move is a great example of the depth of talent we have across the firm as well as the strong partnership between our commercial banking and investment banking businesses,” Petno said in a statement. “James is client-focused and a proven leader, and I am confident he will drive further success” in his unit.
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
