While tech banking has typically been dominated by Morgan Stanley and Goldman Sachs, JPMorgan has been uniquely positioned to scoop up the exodus of SVB bankers.
Lateral hires aren’t common at Goldman Sachs and Morgan Stanley has been focused on laying off 3,000 employees instead of hiring new ones.
Neither SVB or SVB Financial Group – which includes an Asset Management, Private Wealth, and Securities business – found a buyer and went into government receivership. Aggressive SVB bankers eager to grow their career have been forced to look elsewhere — and many landed on JPM in part because a handful of colleagues previously migrated to SVB in 2021.
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