J.P. Morgan has appointed Dinkar Jetley, a former leading Deutsche Bank executive who left the German bank in March, as CEO of its Worldwide Securities Services (WSS) business.
Jetley will report to Mike Cavanagh, CEO of J.P. Morgan Treasury & Securities Services (TSS), and will be a member of the J.P. Morgan Chase and TSS Executive Committees. He joins J.P. Morgan on June 16 and will be based in New York.
We have a great future in the securities services business and are committed to growing our WSS franchise, so I am delighted to welcome Dinkar to J.P. Morgan, Cavanagh says. His strong leadership skills, extensive global experience, proven track record of developing businesses, and transaction banking industry perspective will be of tremendous value to our business and to the firm.
Jetley was global head of Trust and Securities Services and Cash Management for Financial Institutions at Deutsche Bank, and a member of its Global Transaction Banking business leadership team. Prior to his 12 years at Deutsche Bank, he spent nearly 14 years at Citibank in major financial centers around the world in a number of leadership positions in operations, technology, finance and credit risk.
Although it was believed in March that Jetleys departure was due to personal reasons, his resignation was one of several high-profile departures at Deutsche Bank over the past year. Michael Gedigk, the long-serving New York-based global head of client management and origination, was the first to leave in July last year. He was followed by Rob Scott, co-head of global sales and relationship management, shortly before Christmas. Roger Harrold, the Singapore-based global head of direct securities services and a man who had passed his entire career at Deutsche Bank, resigned earlier this year rather than comply with an invitation from Jetley to move to London.
J.P. Morgan also announced that Conrad Kozak, the current CEO of WSS, has been named vice chairman of TSS. In his new role, Kozak will be responsible for senior client coverage of select clients and will continue to report to Cavanagh. Kozak, a 33-year veteran of J.P. Morgan and its predecessor firms, is a GC Legend. He will continue to be based in New York.
Using his extensive knowledge of the industry, our client base and our business, Conrad will contribute significantly to deepening relationships with this important client segment, Cavanagh adds. I am pleased he will continue to be a senior member of the team and remains a valuable asset for our business.
(CG)