And the shakeout begins. Less than a week after J.P. Morgan announced it will relocate Nicolas Aguzin to Hong Kong to become Asia-Pacific CEO, it is shuffling its co-heads of banking in the region.
Tom DuCharme, who has been the regional head of treasury and securities services in Asia since 2010, will step up to become co-head of banking alongside Therese Esperdy, who up until now had been co-head of investment banking in the region.
The distinction is the word “investment” has been dropped from Esperdy’s title. She had been co-head of investment banking in Asia-Pacific with Todd Marin, who will now become vice-chairman of investment banking in Asia-Pacific, reporting to Jeff Urwin.
Urwin is the outgoing Asia-Pacific CEO who is moving back to the US to take on broader responsibilities as global head of investment banking. He is also running the banking half of CIB alongside Don McCree who became global head of corporate banking and treasury services.
According to J.P. Morgan, Aguzin will relocate to Hong Kong in the new year and help Urwin manage the day-to-day business before transitioning to CEO during 2013.
DuCharme and Esperdy will report to Aguzin regionally as well as to Urwin and McCree.
The bank said in an internal memo these moves will help it increase coordination across coverage teams. In late July, the bank started reorganising its business, merging the investment bank, corporate bank and treasury and securities services to form the global corporate and investment bank, which is now organised into two groups — banking and markets, and investor services, with Mike Cavanagh and Daniel Pinto as the global co-heads of the division.
Prior to Esperdy taking on the co-head role with Marin, she was head of global debt capital markets.
Prior to becoming the regional head of treasury and securities services in Asia-Pacific, DuCharme was head of global transaction banking for Asia-Pacific with Deutsche Bank. So he’s risen quickly within J.P. Morgan’s ranks. It is unclear who will now replace him in the treasury and securities services role.
However, the bank did say that regional product heads will report to the new regional heads of banking, as well as reporting to their global product heads.
Senior country officers will report to Aguzin as well as to the new regional heads of banking with regard to their client responsibilities.
As for Marin, it appears he may be spending more time outside of Asia. “As we pursue an increasingly integrated global client strategy, Todd will spend a significant portion of his time with key clients who are looking to expand or establish themselves in Asia-Pacific,” Urwin and McCree said in an internal memo announcing the move.
Marin is a J.P. Morgan lifer, having spent 23 years with the American firm, the past 10 of those in Asia, where he has helped build the investment banking business.