JPMorgan Poaches Citigroup Banker in France Despite Dealmaking Slowdown
April 28 2020 - 6:17AM
Dow Jones News
By Ben Dummett
JPMorgan Chase & Co. has poached a senior banker from rival
Citigroup Inc. to head up its investment banking operations in
France, a move that underscores the prospect of a pick up in
consolidation across sectors in the wake of the coronavirus
fallout.
As one of Europe's most senior female investment bankers, Maja
Torun will focus on bolstering JP Morgan's corporate client
coverage in France when she takes up her new role in July,
according to a memo announcing her appointment. She brings a range
of advisory experience from Citigroup where she co-headed
investment banking in France. That included advising on Publicis
Groupe SA's $4.4 billion deal to acquire Alliance Data Systems
Corp.'s marketing-services business and EssilorLuxottica SA's $6.0
billion deal to buy GrandVision NV.
The pandemic has largely ground M&A and IPO activity in
Europe and the U.S. to a halt, but bankers suggest activity will
ultimately pick up as the healthiest firms use their strong balance
sheets to buy weaker rivals and struggling companies merge to
survive. A challenge, however, for Ms. Torun and other advisors
will be figuring out how their clients can take advantage of
crossborder opportunities in particular when governments in France
and other countries are showing increasing signs of
protectionism.
Write to Ben Dummett at ben.dummett@wsj.com
(END) Dow Jones Newswires
April 28, 2020 06:02 ET (10:02 GMT)
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