JPMorgan Chase & Co. (JPM) hired Hideki Somemiya from Merrill Lynch Japan Securities Co., to be appointed as managing director and head of its technology, media and telecommunications group next week, reported Bloomberg Friday, quoting two people familiar with the hiring.
Report said, JPMorgan is seeking to expand its merger advisory and equity underwriting operations in Japan and the hiring of Somemiya is a measure to increase its merger advisory and equity underwriting business for Japanese technology companies. Aiming at higher revenues, Japanese technology companies have started selling their non-profitable assets and investing in main businesses.
JPMorgan's Tokyo office declined to comment anything regarding the appointment, while the Tokyo-based Merrill Lynch's spokesman had said in May that Somemiya would be leaving the company, reported Bloomberg.
JPMorgan ranks fifth among underwriters of Japanese equity and equity linked transactions this year, said Bloomberg.
JPM closed Thursday's regular trading at $32.27 on the NYSE.
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