JPMorgan is going through a big investment-banking leadership shakeup and 18 rainmakers have new roles keeping its biggest clients happy

• JPMorgan's head of investment banking, Carlos Hernandez, is now the executive chairman of investment banking, according to a JPMorgan memo viewed by Business Insider.
• New co-heads Jim Casey and Vis Raghavan will take on day-to-day management responsibility for the firm's investment banking arm, reporting to Hernandez.
• Hernandez will lead a new committee of global chairs of the investment bank's various business lines. The committee will be focused on managing relationships with the firm's top clients.
• This top-level shakeup left several open seats to lead different businesses within the investment banking arm.
• Here's a look at the new cohort of execs leading M&A, equity, and debt capital markets for JPMorgan's investment bank.
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For a banker, cinching a managing director title is a milestone, but the climb doesn't stop there.

To keep senior leaders interested, Wall Street firms can keep offering promotions, which also helps to make sure rising stars don't get stuck behind long-serving execs.

JPMorgan has elevated a new wave of senior bankers in its investment banking arm to a new leadership group - the executive committee of global chairs. The shakeup was first reported by Reuters.

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Execs, many of whom were regional and product heads, will join the committee which will be led by executive chairman Carlos Hernandez, who until now was head of global investment banking.

While the global chair title isn't new, the committee is.

Members of the committee will be tasked with relationship management of the firms top clients as well as bringing in new business - "rainmakers," in industry lingo. Committee members will be handing over day-to-day management to the next crop of business leaders.

Across Wall Street, firms are establishing relationship-focused committees and working groups, hoping to cross-sell different business units - like investment banking and wealth management - to clients in a hyper-competitive industry.

For example, last year JPMorgan hired four Silicon Valley Bank execs to form a VC client coverage group housed in its commercial bank that would find ways to offer services across the bank's investment banking, wealth management, and asset management arms to drive more business.

Goldman Sachs has employed a similar strategy across its divisions. The bank's investment banking arm took Spotify public in 2018, and now counts several current and former Spotify execs as wealth management clients.

Hernandez will hand over the reins as JPMorgan's global head of investment banking to newly appointed co-heads Jim Casey and Vis Raghavan.

With more than 30 years at the investment bank, Hernandez will continue to oversee the investment banking arm. Both Casey and Raghavan will report directly to Hernandez.

And other appointments to the executive committee left some open spots across investment banking leadership.

Here's a look at the committee members and the newly promoted execs leading JPMorgan's M&A, debt, and equity capital markets businesses, according to a JPMorgan memo viewed by Business Insider.

Who's on the new executive committee of global chairs

Ben Berinstein*

Andy Cohen (currently an executive chairman of wealth management for JPMorgan, Cohen is joining the investment banking executive committee as part of the firm push to connect different arms of business)

Hernan Cristerna*

Mark Feldman*

Steven Frank

John Gammage*

Jamie Grant

Harry Hampson*

Lawrence Henry*

Robbie Huffines

Larry Landry

Liz Myers*

Jennifer Nason

Isabelle Sellier

Eric Stein*

Chris Ventresca*

Kevin Willsey

Noah Wintroub*

*Newly appointed global chair

Jim Casey and Vis Raghavan, new co-heads of global investment banking

Casey, who was global head of debt capital markets, the division that helps investment banking clients raise money by issuing bonds, for example, will be succeeded by Kevin Foley. Casey joined JPMorgan as an MD, taking over the bank's corporate debt business in 2012.

Raghavan, CEO of JPMorgan's EMEA business and head of banking for EMEA, joined the bank in 2000 from Lehman Brothers. Raghavan will keep his EMEA CEO role, for which he is tasked with ensuring the bank's clients have seamless experiences across countries in the region.

His role as head of banking in EMEA will be filled by new co-heads Dorothee Blessing and Conor Hillery.

Here are the new regional and product execs, who will report to Casey and Raghavan.

Investment banking regional leadership

Filippo Gori, head of banking for Asia Pacific

Dorothee Blessing and Conor Hillerr, co-heads of EMEA investment banking*

Martin Marron, head of Latin America investment banking

Fernando Rivas, head of North America investment banking*

Investment banking product leadership

Kevin Foley, head of global debt capital markets*

Huw Richards, global head of digital investment banking

Achintya Mangla and Mike Millman, co-heads of global equity capital markets*

Andy O'Brien, head of global loan capital strategy

Anu Aiyengar and Dirk Albersmeier, new co-heads of global mergers & acquisitions*

*New appointment

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