J.P. Morgan has promoted David Body, CEO of J.P. Morgan’s U.S. Personal Financial institution, to the place of world CEO of the non-public financial institution unit. No one was serving within the place beforehand, and Body will proceed his duties for the U.S. non-public financial institution for now.
Within the expanded function, Body will oversee the worldwide non-public financial institution companies and proceed reporting to Mary Callahan Erdoes, CEO of J.P. Morgan Asset & Wealth Administration.
“David’s international acumen and strategic imaginative and prescient will likely be instrumental in elevating the International Personal Financial institution to new heights,” mentioned Erdoes, in an announcement. “He’ll concentrate on additional enhancing our U.S. and worldwide non-public banking companies, platform and providers as our purchasers broaden their attain throughout continents and generations.”
Body, who has been with J.P. Morgan since 1995, was appointed head of the U.S. Personal Financial institution in 2019. He oversees over $1.16 trillion in consumer property in that function. Earlier than that, he served as international head of consumer recommendation and technique for wealth administration.
“We’re marking a major second for our Personal Financial institution’s worldwide enlargement,” mentioned Adam Tejpaul, CEO of J.P. Morgan’s Worldwide Personal Financial institution, in an announcement. “By way of our expansive, international platform and fortress stability sheet, we’re elevating the facility of J.P. Morgan’s capabilities to supply purchasers with extra progressive, bespoke funding options and strategic alternatives in various markets worldwide.”
The agency mentioned Martin Marron, wealth administration options CEO, and Andrew Cohen, international non-public financial institution govt chairman and head of 23 Wall, will proceed to report back to Erdoes.