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Last year the bank introduced a new-co head. This year, he's gone.

JPMorgan's co-head of UK investment banking has quit for PE

It's that time of year. With bonuses banked several months ago, senior people are moving on. The seasonal migration seemingly includes David Lomer, co-head of M&A at JPMorgan. Sources say Lomer handed in his resignation several weeks ago.

JPMorgan declined to comment on the move.  It's thought that 47 year-old Lomer is going into private equity.

His exit comes as financial sponsors emerge as one of the most robust areas of the M&A market. "The sponsor community will be as active as they have been, if not more so," said Peter Weinberg, CEO of Perella Weinberg Partners, speaking during the boutique bank's earnings call earlier this month.  

M&A revenues at JPMorgan rose 18% year-on-year in the first quarter. However, ECM revenues fell 76% and DCM revenues 20%, suggesting that bonuses for JPMorgan's investment banking division as a whole might be down considerably for 2022.

Lomer had worked for JPMorgan since at least 2006, and made his name as a TMT banker. He was made head of UK M&A in 2019 and became co-head of investment banking alongside Charlie Jacobs who was hired from Linklaters in early 2021.

JPMorgan ranked fourth for UK investment banking revenues in the first quarter of 2022, behind Goldman Sachs, Morgan Stanley and Bank of America. In the first quarter of 2021 it was first.

It's unusual for senior bankers to leave for private equity, but is not unheard of. Last year, Gregg Lemkau the global head of investment banking at Goldman Sachs left to become CEO of investment firm MSD Partners. 

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Photo by Peyman Farmani on Unsplash

AUTHORSarah Butcher Global Editor

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