JPMorgan Picks Castaldo, BofA’s Martin to Lead Mid-Cap M&A

(Bloomberg) -- JPMorgan Chase & Co. has named co-heads of mid-cap mergers and acquisitions in a push to more thoroughly cover smaller companies.

Andrew Castaldo, who has been with the biggest US bank for a decade, will run the business alongside Andrew Martin, who will join later this year from Bank of America Corp., according to a memo reviewed by Bloomberg News.

The two bankers will be based in New York and will be under the leadership of Anu Aiyengar, JPMorgan’s global head of M&A. A spokeswoman for JPMorgan confirmed the contents of the memo but declined to comment further.

One of JPMorgan’s top priorities is to “provide exceptional investment banking advice to our more than 30,000 middle market clients,” Aiyengar wrote in the memo. The bank advised on more than 200 middle market M&A transactions below $2 billion in 2023.

Castaldo most recently led JPMorgan’s energy M&A group. Martin, who has spent more than 27 years at Bank of America, most recently led its equivalent to JPMorgan’s mid-cap investment banking team.

Under Chief Executive Officer Jamie Dimon, JPMorgan has been known to move top-performing executives into new roles to broaden their leadership experience. The bank earlier this year combined its global investment bank, corporate bank and commercial bank and appointed Jenn Piepszak and Troy Rohrbaugh to lead it.

Many of JPMorgan’s mid-sized clients are family-owned firms that are expected to grow in the coming years and decades. The view is that prioritizing M&A coverage of such clients could position JPMorgan to advise them on deals down the line.

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