JPMorgan announces new chief ‘rainmaker’ for Europe
(30 January 2020 – Europe) JPMorgan has appointed William Vereker, the business envoy of former UK prime minister Theresa May, as vice-chairman of investment banking for Europe, the Middle East and Africa.
Mr Vereker starts next week after receiving approval from the UK’s cabinet office, the US bank confirmed. He will act as one of JPMorgan’s chief “rainmakers” across Europe, charged with winning more business from corporate and financial clients, with few day-to-day management responsibilities.
The appointment of Mr Vereker comes as JPMorgan reported a record annual profit for 2019 under chief executive Jamie Dimon. It continues to take regional market share from European rivals in retreat and is ranked number one in global and European investment banking by data providers Refinitiv and Coalition.
Mr Vereker will report to Vis Raghavan, JPMorgan’s head of Europe.
Mrs May made Mr Vereker her business envoy in September 2018 in an attempt to improve relations with the city and corporate Britain, after initially giving business the cold shoulder over its staunch opposition to Brexit.
He lost his position at Number 10 when Mrs May’s successor Boris Johnson — a contemporary of Mr Vereker at elite British public school Eton — came to power, and picked Sky executive Andrew Griffith as his chief business adviser in Downing Street.
Before his stint in government, Mr Vereker had a three-decade career in investment banking advisory, working at Schroders, Babcock & Brown, Morgan Stanley, Lehman Brothers, Nomura and finally as co-head of UBS’s investment bank.
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