By Nupur Anand, Svea Herbst-Bayliss and Tatiana Bautzer
NEW YORK (Reuters) – Two senior dealmakers from JPMorgan Chase (NYSE:), Andy Lipsky and Haidee Lee, are leaving the bank, two sources familiar with the matter said on Thursday.
Lipsky, vice chairman of investment banking at JPMorgan, helped advise industrial companies, including General Electric (NYSE:) on big deals. Reporting to Jay Horine, co-head of global investment banking coverage, he joined from Credit Suisse in 2020.
Lipsky is headed to Morgan Stanley, said two other sources, who declined to be identified to discuss personnel matters. He will serve in a similar capacity to his role at JPMorgan, one of the sources said. Morgan Stanley declined to comment on the matter.
Lee, co-head of strategic mergers and acquisitions for investor groups, will return to Goldman Sachs, said the two sources, who declined to be identified on human resources matters. She reported to Anu Aiyengar, JPMorgan’s global advisory chief, after being hired from Goldman in 2021.
Goldman Sachs did not immediately respond to a request for comment.
Carsten Woehrn, who co-led the group with Lee, will remain in his position, two sources said.
The exits follow the departure of Phil Ross, a 25-year JPMorgan veteran who served as the healthcare investment bank’s global chairman. Ross leaves for Jefferies. Bloomberg previously reported on his departure.
JPMorgan has ramped up its hiring during the pandemic, bringing on board bankers like Lipsky and Lee to compete with rivals.
But the bank has suffered a series of high-profile departures in recent months. Christian Oberle joined Barclays to oversee its relationship with private equity firms, while Marco Caggiano left to join Morgan Stanley as vice chairman of M&A.
The latest departures come weeks after the bank reorganized leadership in its global banking division, bringing in new leaders in capital markets and investment banking.
The new structure is intended to serve JPMorgan’s clients as they grow in size and complexity.
The changes follow a top management reshuffle in January.
Jennifer Piepszak was named co-CEO of JPMorgan’s merged commercial and investment bank, alongside Troy Rohrbaugh, who previously led trading and securities services. Both managers are potential candidates to succeed Jamie Dimon as CEO of the largest American lender.
JPMorgan’s investment banking revenue rose 27% to $2 billion in the first quarter, driven by higher debt fees and equity underwriting.
The lender said some momentum was starting to build in M&A activity, but regulatory challenges remained.
