Executive moves: Bank of America, JPMorgan Chase, Cullen/Frost – American Banker

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Marko Kolanovic, JPMorgan Chase’s chief global market strategist and co-head of global research, is leaving the bank, according to an internal memo obtained by Bloomberg News.

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Kolanovic, who has been at JPMorgan for 19 years, is “exploring other opportunities,” the memo stated. Dubravko Lakos-Bujas will lead market strategy and become chief market strategist, overseeing cross-asset, equity and macro. Hussein Malik will be the sole head of global research.

Stephen Dulake and Nicholas Rosato will co-lead fundamental research, a new team that brings together credit and equity research.

A JPMorgan spokesperson declined to comment. Kolanovic, Lakos-Bujas, Malik, and Rosato didn’t immediately respond to requests for comment. Dulake declined to comment.

The move follows a disastrous two-year stretch of stock-market calls by Kolanovic. He was steadfastly bullish in much of 2022 as the S&P 500 Index sank 19% and strategists across Wall Street lowered their expectations for equities. He then turned bearish just as the market bottomed, missing last year’s 24% surge in the S&P 500 as well as the 14% gain in the first half of this year. — Alexandra Semenova, Bloomberg News

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