US-headquartered JP Morgan has made a number of changes to its India-based investment banking team, according to an internal memo seen by FinanceAsia. A spokesperson for the bank confirmed the organisational changes.
Mumbai-based Kaustubh Kulkarni (pictured), who has been with the bank since 1998, will succeed Madhav Kalyan as senior country officer (SCO) for India from November 01, as Kalyan moves into a regional leadership role across Payments. Kalyan joined the bank in 2009 as India head of Corporate Banking and local CEO for JP Morgan Chase Bank (JPMCB), before being promoted to SCO for India at the beginning of 2021.
The spokesperson told FinanceAsia, “As SCO during the Covid-19 crisis in India, Madhav was instrumental in shaping the firm’s response to the pandemic. We look forward to further leveraging the extensive experience and knowledge Madhav has gained over the past 28 years in the banking and financial services industry as we grow our Payments business.”
Kalyan, who in his new role will report to New York-based Takis Georgakopoulos, global head of Payments, and Hong Kong-based Filippo Gori, CEO for APAC and head of Banking for the region, will relocate from Mumbai in the near future, the spokesperson added, without elaborating on the exact geographical base.
Known as "KK", Kulkarni transitions to the role from his current leadership post as head of Investment Banking for India at JPMCB, which has seen him cultivate deep and impactful client relationships, the memo noted.
The experience amassed from Kulkarni's tenure with the bank to date “will be critical in his SCO role”, the announcement detailed, in order to facilitate client engagement, drive local governance controls and ensure strong coordination across the business functions. Concurrent with his new strategic position, he will continue in his role as vice chair of Asia Pacific, and for his new position, he will report directly to Gori.
Navin Wadhwani joins the bank following three decades spent working across consulting, advisory and corporate development, to replace Kulkarni's responsibilities as head of Investment Banking for India. Most recently, Wadhwani served for a decade as leader of M&A activity at Reliance Industries, one of the market’s largest private sector firms. At the bank, he reports functionally, to Paul Uren, head of Investment Banking for Asia Pacific, and locally, to Kulkarni.
To replace Kalyan in his capacity as India CEO, PD Singh will expand his current responsibilities as current head of Corporate Banking from November, to serve as interim CEO of JPMCB. His appointment is subject to regulatory approval. Singh joined the bank in 2010 and was promoted to lead the Corporate Banking effort last year.
“His [Singh's] new appointment recognises his extensive experience and leadership skills,” the memo underscored. He will continue to report to Oliver Brinkmann, head of Corporate Banking for Asia Pacific.
Vineet Mishra, who previously served alongside Kulkarni as co-head of Investment Banking for Southeast Asia, will become sole head of the jurisdiction.
“Vineet will be responsible for strengthening the SEA investment banking franchise and capturing the expanding business opportunities on offer in these key markets,” the spokesperson confirmed.
The contact added that Mishra is one of the most experienced bankers in the region, having worked in Southeast Asian corporate finance and its equity capital markets (ECM) for over two decades. He joined the market in 2010, and in his expanded leadership position, will report to Uren.
