Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

JPMorgan poaches Citi's Torun to build up senior Paris ranks: sources

Published 04/27/2020, 05:52 PM
Updated 04/27/2020, 06:35 PM
© Reuters. FILE PHOTO: An aerial view shows the Eiffel tower, the Seine River and the Paris skyline
C
-
BAC
-
GS
-
JPM
-
DBKGn
-
BNPP
-
MS
-

By Pamela Barbaglia

LONDON (Reuters) - JPMorgan (N:JPM) is betting on a female banker to take the helm of its investment banking business in France as it seeks to bolster its leadership in one of Europe's hardest-hit markets from the coronavirus pandemic, two sources told Reuters.

The Wall Street bank has snapped up Citigroup 's (N:C) co-head of France investment banking, Maja Torun, to take on a similar job at its own franchise, the sources said, speaking on condition of anonymity as the matter is confidential.

JPMorgan and Citi declined to comment.

The move comes as big banks and corporate boardrooms in Europe are trying to fill the gender gap and open up more top jobs for women.

JPMorgan kept a focus on diversity during its latest leadership reshuffling in February when it promoted two female bankers, Dorothee Blessing and Anu Aiyengar, to two power-sharing roles as co-head of EMEA investment banking and co-head of global M&A, respectively.

In her new Paris-based role Torun will be part of a small circle of female banking leaders in the French capital which also includes BNP Paribas (PA:BNPP)' Sophie Javary, Goldman Sachs's Anne Bizien and Citi's Laurence Parisot.

Her appointment comes with the challenge of a bleak economic environment, with France bracing for a series of rescue deals, nationalizations and restructurings in the coming months.

The French economy sank 6% in the first quarter of 2020 in its sharpest slowdown since World War Two.

The novel coronavirus has forced the country into a prolonged lockdown, paralyzing business activity and claiming more than 23,000 lives.

Torun, a specialist in mergers and acquisitions (M&A) who joined Citi in 2016 from Deutsche Bank (DE:DBKGn), will lead JPMorgan's efforts to win business from cash-strapped companies seeking help to stay afloat and fend off pressure from a growing number of activist investors in France.

She will fill a vacant role that will reunite her with a former Deutsche Bank colleague, Marc Pandraud, who has chaired JPMorgan's investment banking for France and Belgium since 2016.

Torun first met Pandraud at Merrill Lynch where they both worked before the financial crisis forced the bank into a rescue merger with Bank of America (N:BAC).

She then rose through the ranks quickly at Citi, winning the top job as the bank's co-head of France investment banking alongside Emmanuel Regniez in 2019 and leaving her mark after Citi topped up M&A league tables in France last year ahead of Goldman Sachs (N:GS) and Morgan Stanley (NYSE:MS).

Torun, who holds an MBA from French business school INSEAD, is also set to join JPMorgan's France Management Committee.

© Reuters. FILE PHOTO: An aerial view shows the Eiffel tower, the Seine River and the Paris skyline

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.