JPMorgan’s Matthew Demko quits Jamie Dimon-led – Business News
“Hurricane Jamie” misplaced one of his rainmakers.
JPMorgan managing director Matthew Demko stop the Jamie Dimon-led bank to affix Ryan Specialty Group, an insurance coverage broker and underwriter based by billionaire Patrick G. Ryan, The Post has realized.
The investment banker’s final day of employment with the US financial giant was Sunday, in response to his broker profile posted on the web site of US regulator FINRA, however it’s but to be up to date along with his new job.
Jamie Demko, 42, has been with JPMorgan for his total profession in investment banking. LinkedIn / Matthew Demko
Demko is set to affix Ryan Specialty Group, the insurance coverage firm based by billionaire businessman Patrick Ryan (above) in 2010. Sportsfile by way of Getty Images
The 42-year-old Demko, who joined the firm in 2011, labored within the bank’s leveraged finance unit that helps present credit to non-investment grade firms.
He was promoted to managing director two years in the past, changing into one of 37 JPMorgan bankers in 2023 to gain the elite title on the US financial giant after a five-month evaluation course of.
Ryan Specialty Group was set up by the 88-year-old former AON CEO and chairman in 2010.
The Chicago-headquartered company went public in July 2021 and Ryan has a present internet price of almost $12 billion, in response to Bloomberg.
The Post has approached Ryan’s Specialty Group for remark.
A JPMorgan spokeswoman declined to remark.
Demko joined the Jamie Dimon-led financial giant in 2011 after his MBA and solely made the rank of managing director two years in the past. POOL/AFP by way of Getty Images
Demko had spent his total investment banking profession with JPMorgan after graduating from the University of Michigan with an MBA, in response to his LinkedIn profile.
Before that, Demko did a five-year stint with the British accounting consultancy Deloitte.
In 2022, Dimon warned the US economic system was poised to be hit by a “hurricane” as components such because the Russian invasion of Ukraine and the Federal Reserve’s transfer to tighten financial coverage resulting from decades-high inflation may stoke chaotic circumstances within the market.
