Stefan Povaly promoted to Co-Head of Global Corporate Banking EMEA at J.P. Morgan
J.P. Morgan is reorganising its management in Germany. The most important change is a promotion and a major new role for Stefan Povaly, who has been Country Head for Germany and Austria for four years. He will become Co-Head of Global Corporate Banking EMEA together with Marcus Hiseman. This was revealed in an internal memo to employees, which was obtained by Börsen-Zeitung, and the contents of which were confirmed by a company spokesperson. The memo was sent by Filippo Gori, CEO of J.P. Morgan EMEA, who is also Co-Head of Global Banking.
In February, J.P. Morgan announced the establishment of a new Global Banking division, which brings together the Commercial, Corporate and Investment Banking lines, under the joint leadership of US based Doug Petno and European head Gori.
Alexander Mayer joins J.P. Morgan from arch-rival Goldman Sachs as the new Senior Country Officer for Germany and Austria. Mayer previously headed the investment banking business in Germany and Austria at Goldman Sachs. He left the bank at the beginning of May after almost 25 years. Mayer will join J.P. Morgan at the beginning of November. Povaly, who has worked for J.P. Morgan since 2001, will remain in Frankfurt until then to ensure a smooth transition. He previously held various management positions in Europe. Before becoming Head of Germany, Povaly was Co-Head of EMEA Leveraged Finance Origination – responsible for part of the business with clients from the private equity sector.
30th J.P. Morgan Run in Frankfurt on Wednesday
His successor as Head of Germany, Alexander Mayer, had been a Partner at Goldman since 2016, and was most recently Head of Investment Banking for Germany and Austria. Mayer began his career at Goldman Sachs in 2000, initially as a generalist, later focussing on servicing large industrial clients. In recent years, he expanded his responsibilities to include sectors in German-speaking countries, and is recognised as highly experienced in M&A, financing, capital raising and IPOs in various sectors.
„This is an exciting time for our German business," EMEA Head Gori wrote. „We are the largest international bank in the country, and will be celebrating our 100th anniversary this summer.“ In June, the bank is organising its 30th J.P. Morgan Run in Frankfurt, with more than 70,000 participants. And the firm is expanding its presence with the establishment of Chase in Berlin, which will serve as an important location for private client business in the EU.
