By Nupur Anand, Svea Herbst-Bayliss and Tatiana Bautzer
NEW YORK (Reuters) – Two senior agents at JPMorgan Chase (NYSE:), Andy Lipsky and Haidee Lee, are leaving the bank, two sources familiar with the matter said on Thursday.
Lipsky, JPMorgan’s vice president of investment banking, has helped advise industrial companies including General Electrical (NYSE:) on big deals. He reported to Jay Horine, co-head of global investment banking coverage, and moved from Credit Suisse in 2020.
Lipsky is headed to Morgan Stanley, two other sources, who did not want to be identified, said while discussing personnel matters. He will join in a similar capacity to his role at JPMorgan, one of the sources said. Morgan Stanley declined to comment on the matter.
Lee, co-head of strategic investor group mergers and acquisitions, will return to Goldman Sachs, the two sources, who declined to be identified, said while discussing personnel matters. She reported to Anu Aiyengar, JPMorgan’s global head of consulting, after being hired by Goldman in 2021.
Goldman Sachs did not immediately respond to a request for comment.
Carsten Woehrn, who led the group with Lee, will retain his position, two sources said.
The departures follow the departure of Phil Ross, a 25-year JPMorgan veteran who served as global president for healthcare investment banking. Ross is leaving for Jefferies. Bloomberg previously reported his departure.
JPMorgan has ramped up hiring during the pandemic, bringing in bankers like Lipsky and Lee to compete with rivals.
But the bank has faced a series of major departures in recent months. Christian Oberle has joined Barclays to oversee its relationships with private equity firms, while Marco Caggiano left to join Morgan Stanley as vice president of M&A.
The latest departures come weeks after the bank reshuffled leadership in its global banking division, elevating new leaders in capital markets and investment banking.
The new structure aims to cover JPMorgan’s clients as they grow in size and complexity.
The changes follow a reshuffle of senior executives in January.
Jennifer Piepszak has been named co-CEO of JPMorgan’s commercial and investment bank alongside Troy Rohrbaugh, who previously headed securities and trading services. Both executives are potential candidates to succeed Jamie Dimon as CEO of the largest U.S. lender.
JPMorgan’s investment banking revenue rose 27% to $2 billion in the first quarter, thanks to higher fees for underwriting debt and equity securities.
The lender said it was starting to see some momentum in mergers and acquisitions, but regulatory challenges remained.