JPMorgan Poaches Citigroup Banker in France Despite Dealmaking Slowdown

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.

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(END) Dow Jones Newswires

April 28, 2020 06:02 ET (10:02 GMT)

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