“Hurricane Jamie” misplaced one among his rainmakers.
JPMorgan managing director Matthew Demko stop the Jamie Dimon-led financial institution to hitch Ryan Specialty, an insurance coverage dealer and underwriter based by billionaire Patrick G. Ryan, The Submit has discovered.
The funding banker’s final day of employment with the US monetary large was Sunday, in response to his dealer profile posted on the web site of US regulator FINRA, however it’s but to be up to date together with his new job.
A supply near his new employer stated Demko began with the corporate earlier this week in New York.
The 42-year-old Demko, who joined the agency in 2011, labored within the financial institution’s leveraged finance unit that helps present credit score to non-investment grade corporations.
He was promoted to managing director two years in the past, turning into one among 37 JPMorgan bankers in 2023 to achieve the elite title on the US monetary large after a five-month evaluation course of.
Ryan Specialty was arrange by the 88-year-old former AON CEO and chairman in 2010.
The Chicago-headquartered firm went public in July 2021 and Ryan has a present web value of practically $12 billion, in response to Bloomberg.
A spokeswoman for Ryan’s Specialty didn’t reply to The Submit’s request for remark. A JPMorgan spokeswoman declined to remark.
Demko had spent his whole funding banking profession with JPMorgan after graduating from the College of Michigan with an MBA, in response to his LinkedIn profile.
Earlier than that, Demko did a five-year stint with the British accounting consultancy Deloitte.
In 2022, Dimon warned the US financial system was poised to be hit by a “hurricane” as elements such because the Russian invasion of Ukraine and the Federal Reserve’s transfer to tighten financial coverage resulting from decades-high inflation might stoke chaotic situations available in the market.
