JPMorgan Chase Appoints Co-Heads for Mid-Cap Mergers and Acquisitions

(Reuters) – JPMorgan Chase (NYSE:JPM) has named Andrew Castaldo and Andrew Martin as co-heads of its mid-cap mergers and acquisitions unit within its commercial and investment bank, according to an internal memo seen by Reuters on Thursday.

Leadership Background

Castaldo, who has 25 years of experience in dealmaking, has worked at JPMorgan since 2014 and most recently led the bank’s energy M&A unit.

Martin is expected to join JPMorgan in late 2024 and comes from Bank of America, where he spent over 27 years. At BofA, he led the emerging growth regional coverage M&A business, equivalent to JPMorgan’s mid-cap investment banking team.

M&A Activity

JPMorgan serves more than 30,000 middle-market clients and advised on over 200 middle-market M&A transactions below $2 billion in 2023.

The rise in companies striking deals and raising capital through debt or equity offerings is fueling expectations for a broad recovery in dealmaking after a prolonged dry period.

In line with this industry-wide recovery, JPMorgan’s investment banking fees surged by 50% in the second quarter, exceeding Wall Street estimates for profits.

Additional Appointment

In a separate memo on Thursday, JPMorgan announced the appointment of Ben Wilson as the head of North America Energy, Power, Renewables & Mining (EPRM) M&A, succeeding Castaldo. Wilson returns to the bank after several years as senior managing director at Guggenheim Securities, where he led M&A transactions across the energy, industrials, and consumer and retail sectors.