JPMorgan just made two big promotions in a key trading business

Thomson Reuters

JP Morgan CEO Jamie Dimon speaks at a Remain in the EU campaign event attended by Britain's Chancellor of the Exchequer George Osborne (not shown) at JP Morgan's corporate centre in Bournemouth

JPMorgan has announced two new coheads of its equities business, following the departure of Tim Throsby to Barclays.

The bank announced today that Mark Leung and Jason Sippel would become global coheads of equities, effective immediately.

They will also manage the prime services business, which caters to hedge funds, with James Kenny. They will also join the corporate and investment bank management team.

Both Leung and Sippel are long time JPMorgan employees. Leung joined JPMorgan in 1997, and went through the bank's markets training program. He was most recently head of the equities business in Asia Pacific.

Sippel has been with the bank for 14 years, and was most recently global head of prime services, having previously headed Americas equities.

JPMorgan has made its equities business a key focus in recent years. The bank finished 2015 ranked third for equities revenues, according to data from analytics firm Coalition. That compares with a number one ranking in fixed income, currencies and commodities, and investment banking.

Cash equities, or stock trading, was the one business line where the bank did not have a top three ranking in 2015.

"We are positioned incredibly well and yet, we still see more opportunities for us to invest and grow," Daniel Pinto, CEO of the corporate and investment bank, said in a memo announcing the changes.

Coalition