JPMorgan cautious on deal-making rebound over uncertainty surrounding who will take White House

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JPMorgan cautious on deal-making rebound over uncertainty surrounding who will take White House
FinanceJamie DimonSuccession
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Two of the bank’s top executives told the Reuters news agency that uncertainty surrounding the race for the White House was weighing on deal-making sentiment

“Everybody is very interested in talking about the election,” Troy Rohrbaugh, co-CEO of the Wall Street giant’s investment bank arm, told Reuters.

Another name that has been bandied about in the succession battle is Mary Erdoes, who heads the bank’s asset and wealth management division, was picked to represent JPMorgan atDimon, who has indicated he may step down in five years, said in May Viswas Raghavan took over Citigroup’s banking division in June, while Fernando Rivas joined Wells Fargo as co-CEO of corporate and investment banking.

Rohrbaugh and Piepszak’s tenure has seen revenue at JPMorgan’s newly merged commercial and investment banking unit rise to a record $35.5 billion in the first half of this year.

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