J.P. Morgan Chase & Co. has poached a senior technology banker from Deutsche Bank AG to lead its technology investment banking coverage in Europe, the Middle East and Africa.
Matthew Gehl is expected to assume the same role that he has had with Deutsche Bank since 2010, according to an internal announcement at J.P. Morgan. Mr. Gehl started his career at Goldman Sachs in New York and moved to London to cover the EMEA region in 2001.
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The banker will start in his new role after the summer. Mr. Gehl's hiring comes after Deutsche Bank slashed employee bonuses for 2016 and in March announced plans to recombine its corporate and deal-advisory business with its trading operations as the German bank tries to return to profitability.
Mr. Gehl will succeed Sanjay Jain, who remains with J.P. Morgan as a senior tech banker based in London working with the bank's top technology clients in EMEA. The Messrs. Gehl and Jain will work together with Hugo Baring and Joachim Sonne, J.P. Morgan's EMEA co-heads for technology, media and telecom, according to the internal memo.
Mr. Jain, a veteran technology investment banker for J.P. Morgan, moved to the London office last year after a long stint in California. He assumed the role as head of technology investment banking for EMEA on a temporary basis after Markus Boser, the previous head, left the bank, according to a person familiar with the matter. Mr. Jain remains a senior technology banker for J.P. Morgan, this person said.
The latest moves come amid increasing adoption of software and other technologies in industries such as the financial sector, as its focuses more of its business online, and the auto industry, which is readying for the widespread adoption of driverless cars.
Mr. Jain's new role is intended to help J.P. Morgan address this challenge. Part of his role will include working with J.P. Morgan's investment bankers covering other sectors to help their clients address the evolving impact of technology on different industries, the person said.
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(END) Dow Jones Newswires
June 28, 2017 14:52 ET (18:52 GMT)