Marko Kolanovic, JPMorgan Chase & Co.’s chief market strategist and co-head of global research, is leaving the bank, according to an internal memo obtained by Bloomberg News.
Kolanovic, who has been at JPMorgan for 19 years, is “exploring other opportunities,” the memo stated. Dubravko Lakos-Bujas, the firm’s chief equity strategist, will become chief market strategist. Co-head of global research 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, Dulake and Rosato didn’t immediately respond to requests for 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.
JPMorgan’s strategists, led by Kolanovic, have stood out among Wall Street’s megabanks in continuing to expect a selloff in US equities even as firms like Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. have steadily raised their outlooks. JPMorgan has the lowest price 2024 target for the S&P 500 among banks tracked by Bloomberg at 4,200. The benchmark is trading above 5,500.
Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing
Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.
New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.
Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.
How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
