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JPMorgan Chase has replaced its European chief who relocated to New York this year, installing two bankers based in London and Paris to co-lead its Europe, Middle East and Africa business.
Filippo Gori, who is also co-head of global banking at JPMorgan, will be replaced by Conor Hillery and Matthieu Wiltz who will serve as co-chief executives of the Wall Street bank’s regional operations, according to internal memos seen by the Financial Times.
The move comes after the FT revealed in June that Gori was in the process of relocating from London to New York, but would keep his role running the European business.
On top of his European responsibilities, Gori was last year promoted to co-lead JPMorgan’s global banking division, one of the main business lines within its commercial and investment bank (CIB).
In a memo to staff on Monday, Doug Petno and Troy Rohrbaugh, co-heads of the CIB, and Mary Erdoes, its asset and wealth management chief, said: “With Filippo’s relocation to New York now complete, and given the time the [global banking] business requires of him, he felt it was the right time to make this transition.”
Hillery, JPMorgan’s head of investment banking in Europe, Middle East and Africa, and Wiltz, its head of sales for the region, have also served as deputy chief executives of the lender’s European business since 2024. They will join the group CIB management team and report to Petno, Rohrbaugh and Erdoes, the memo added.
In a separate memo, Gori said: “With my relocation to NY in the summer, it made sense now ‘to pass the baton’ to both of them.”
While overseeing a UK-based bank from the US is unconventional, it is not without precedent.
Sir Mark Tucker, who chaired the London-headquartered bank HSBC until last week, lives in New York, while Barclays chief CS Venkatakrishnan splits his time between the US and the UK capital.
JPMorgan has reorganised its investment bank in recent years and reshuffled leadership roles across the group as a handful of executives vie to succeed Jamie Dimon as chief executive, who has run the bank since 2006.
The leading contenders to succeed Dimon are considered to be Petno, Rohrbaugh and Marianne Lake, head of JPMorgan’s sprawling consumer bank.
JPMorgan declined to comment beyond the memos.
