NEW YORK (Reuters) - Deutsche Bank AG (DBKGn.DE) said on Wednesday that it has hired JPMorgan Chase & Co (JPM.N) executive Jeff Urwin to be co-head of corporate banking and securities and head of corporate finance.
Urwin, 59, had been co-head of global banking at JPMorgan, which he joined in 2008 with the bank’s acquisition of Bear Stearns, according to a statement from Deutsche Bank.
Urwin will lead Deutsche Bank’s investment banking division together with Colin Fan and will report to Anshu Jain, co-chief executive of the company, the statement said. Urwin succeeds Robert Rankin, who left Deutsche Bank earlier this year.
In response to Urwin’s departure, Daniel Pinto, chief executive of JPMorgan’s corporate and investment bank, said in a memo that Carlos Hernandez will become sole head of global banking, with direct oversight of investment banking, corporate banking and treasury services. Hernandez had been co-head of global banking with Urwin. He has been with JPMorgan for 30 years.
Deutsche Bank has made investment banking the center of its strategy. It is investing in its investment banking operations in the United States, where its client base is smaller than New York-based rivals, including JPMorgan and Goldman Sachs Group Inc (GS.N). About half of Deutsche Bank’s investment banking revenue comes from North America.
Deutsche had 4.66 percent of the global market for investment banking fees in 2014, more than every other European investment bank and just below the U.S. top five banks, according to Thomson Reuters data.
Urwin had become co-head of global banking at JPMorgan with Hernandez in April 2014. Earlier Urwin had been head of global investment banking and CEO for Asia Pacific at JPMorgan. Before his global roles, he was co-head of investment banking for North America.
Reporting by David Henry in New York and Thomas Atkins in Frankfurt; Editing by Lisa Shumaker