Tokyo: JPMorgan Chase & Co will combine its equity and debt capital markets divisions and leveraged finance business into one operation in Japan, three people familiar with the matter said.
The move comes as the US bank changes its business structure in Japan to benefit from easing government regulations on the Japanese financial industry.
JPMorgan has named Douglas Howland, who now leads the equity capital markets team, to be head of capital markets, which will be created in July, said the people on condition of anonymity because the move has not been made public.
The bank has also appointed Jun Kigoshi, who is now in charge of debt capital markets, to be the head of corporate banking, which covers both banking and securities products, the people said.
Kigoshi’s responsibilities will include advising clients on fundraising as well as offering services such as foreign exchange, cash management, custody and derivatives, the people said.
A JPMorgan spokeswoman in Tokyo declined to comment.
Japan’s government has been easing regulations on banks and brokerages, lowering barriers between the two to follow models adopted in the U.S. and Europe.
JPMorgan also faces a changing landscape in the Japanese financial industry, where rival Morgan Stanley is setting up a joint venture with Mitsubishi UFJ Financial Group, Japan’s largest banking group.
Sumitomo Mitsui Financial Group, Japan’s No.3 bank, has also agreed to buy retail broker Nikko Cordial from Citigroup Inc to boost its brokerage business.