Inside the intrigue at the top of JPMorgan in France

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The recruitment by JPMorgan of Maja Torun at Citi is an attempt to remedy its underperformance in France, where it is ranked worse than in any other European country.

Torun becomes head of investment banking, a position that has been vacant since Xavier Bindel took office to become co-director of the bank’s technology investment banking activities in the EMEA region in June.

Torun, 40, holds an MBA from the French business school INSEAD, is highly appreciated and, last year, she helped lead Citi at the top of the French M&A ranking last year after having worked on the merger of Essilor and Luxottica and the acquisition of Epsilon by Publicis.

JPM, on the other hand, went from third to seventh place in the French IB ranking last year according to Dealogic and he hopes that Torun will give the company an advantage it has been lacking since Anne Bizien’s defeat against Goldman Sachs.

Bizien was responsible for about half of JPMorgan’s CAC40 relationships, including Total, Schneider, LVMH and Casino and Goldman hired her in 2018 to strengthen her operations in France after Cyrille Perard joined Perella Weinberg.

The recruitment of Bizien by Goldman has already paid off. As co-manager of French mergers and acquisitions at Goldman with Jeremie Marrache under the leadership of Pierre Hudry, Bizien helped Goldman jump to third place in the IB and M&A income rankings last year – eighth and sixth respectively.

When Bizien left, JP Morgan initially said he would not seek to replace Bizien with an external rental, and instead relocated Karim Ben Rejeb to Paris from London. But now he has decided he has to make up for lost time and Kyril Courboin, who oversees France as country manager, has decided that the bank needs more leverage on the ground.

Torun, who will report to both Courboin, and Tanguy Piret, who directs banking activities in France, Belgium and Luxembourg, has occupied a vacant position since last June, when Xavier Bindel became co-responsible for technological investment of the bank. EMEA banking activity.

At the time, some of Bindel’s responsibilities were transferred to Augustin d´Angerville, responsible for corporate finance for France. D’Angerville is an executive director, but his father is Guillaume d’Angerville, a former director of French affairs for the bank who left the bank in 2005 to found Weinberg Capital Partners with Serge Weinberg.

Photo by Mat Reding on Unsplash

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