JPMorgan Europe appoints CEO internally
(29 September 2017 – Europe) US-based JP Morgan has appointed Viswas Raghavan, its head of banking Europe, Middle East and Africa (EMEA) to the lead the bank in the region.
The new position gives Raghavan reign over JPMorgan's wider business lines — including its investment arm JPMorgan Asset Management — amid new regulations hitting the European market such as Mifid II and the ongoing uncertainty around Brexit at the top of the agenda.
Raghavan told Financial News he expected to be working in London in 2019 — the year in which the UK officially exits the bloc — but added he was "prepared to be anywhere". "I’m pretty flexible," he said.
Raghavan joined the bankin in 2000 from Lehman Brothers in a senior capital markets role. From their, he was promoted to head of its traditional investment banking operations in EMEA in 2011. He has also served as deputy CEO in the region for the last two years.
Raghavan will keep his responsibilities as head of banking in Emea.
On his watch, JPMorgan ended rival Deutsche Bank's stranglehold at the top of Europe's investment banking revenue rankings. The US bank has finished the last three years as the top fee earner in Emea, according to Dealogic, the data provider that tracks revenues earned from M&A advice, capital markets underwriting and lending.
According to Dealogic, the total revenues generated by banks from these business lines has been shrinking every year since 2014.
JPMorgan extended its share of available fees in 2016 by more than one percentage point. The bank tops this year's rankings for European investment banking revenues at the nine-month stage.
In a January interview with the Financial Times, Raghavan said, "This is an extremely competitive banking market. Every one of the top players is absolutely focused and has fantastic teams. It’s dangerous if we get complacent, and continuing to serve clients in the best possible way through all market conditions is our biggest focus."
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