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Rumours of mass resignations from JPMorgan's London ECM team may be premature

As we reported yesterday, there are suspicions that now that Vis Raghavan and Achintya Mangla have left JPMorgan's investment banking business broadly and equity capital markets (ECM) business specifically, there will be a heap of other exits from the team. In anticipation of this, London headhunters have assembled some long lists of all the people they think most likely to leave in the very, very near future. 

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They include the likes of Aloke Gupte, the co-head of international ECM, Virginie de Grivel Nigam, the co-head of UK ECM, Nic Skaff, head of private capital markets, Amanda Sharman, an executive director in EMEA equity capital markets execution and Ismail Iraqi, head of EMEA equity linked ECM. Many have been with the bank for years, working alongside Raghavan and Mangla. 

Several are off the desk today. Some are suggesting they may be intending to follow their former bosses out the door. 

JPMorgan declined to comment for this article, but we understand that none of those listed above are leaving the bank and that all are either still in their seats hard at work, or are simply having a day off. 

JPMorgan reported its first quarter results today. ECM revenues were up 51% year-on-year in the first quarter. The bank announced Mangla's exit last week and appointed Kevin Foley, a debt capital markets (DCM) banker, to run ECM as well. There are unconfirmed reports that Mangla intends to join Raghavan at Citigroup once Raghavan arrives there later this summer. 

Headhunters say it's not only the individuals listed above that might be dislodged and inclined to join Citi or other banks in the absence of their former leaders. Ina De and Klaus Hessberger, JPMorgan's global co-heads of the strategic investors and financial sponsors group, are being targeted too.

At the very least, the implication is that JPMorgan might need to work extra hard at keeping its senior London ECM people happy. Accordingly, Foley, who is based in New York, is rumoured to be coming to London to visit his new team next week.

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AUTHORSarah Butcher Global Editor

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