The financial sector continues to evolve and change at a rapid pace, and nowhere is this more evident that at JPMorgan Chase & Co. (NYSE: JPM). With the acquisitions of Bear Stearns and Washington Mutual, the firm continues to pioneer a new direction, seeking entry into new markets and striving to build market share.
While JPMorgan has been primarily focused on it’s commercial banking and prime brokerage growth prospects, they have placed renewed attention onto it’s investment banking unit, as expectations hold 2011 to be a major year of offerings. Seeking to expand in this arena, J.P. Morgan said Thursday Robert Cummings Jr. will join its investment banking unit as vice chairman. Cummings was with Goldman Sachs & Co. (NYSE: GS) for 27 years before his retirement in 2001.
The house that Dimon built has quickly molded into the innovative leader of the industry, and this is another step towards setting up the firm for future growth.
