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JP Morgan’s investment banking head resigns after two years

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JP Morgan’s investment banking head resigns after two years
Navin Wadhwani, head of investment banking at US giant JP Morgan has quit the bank earlier this month after just over two years in charge, people familiar with the matter said.

Wadhwani’s role will now be split between Nitin Maheshwari head India M&A and Ravi Shankar, managing director technology and media at JP Morgan, people who have seen the internal announcement made on Monday said.

“Wadhwani was hired by JP Morgan in 2022 after Kaustubh Kulkarni was promoted to his current position at country head. His exit means that the bank’s plans have not worked out in a market which has slowed down substantially,” said one of the persons cited above.

A JP Morgan spokesperson confirmed that Wadhwani has resigned to pursue other opportunities “Nitin Maheshwari and Ravi Shankar will expand their responsibilities to become co-heads of Investment Banking for India, reporting to Paul Uren, head of investment banking – Asia Pacific,” the spokesperson said in an email response to a query from ET.

Wadhwani joined JP Morgan India as head of investment banking in October 2022. He was previously with Reliance Industries, where he headed M&A for atleast a decade. Prior to that, he was a senior managing director at Rothschild India and also worked with consultancy firm Arthur Andersen.

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Maheshwari has been with JP Morgan since 2015 when he joined as India M&A head. He was previously with Credit Suisse.Shankar joined the bank in 2017 and was last incharge of new age and start up companies.

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