- JPMorgan just hired four people from Silicon Valley Bank and one from Bank of America.
- The hires will help the bank expand its relationships with tech companies and VCs.
- JPMorgan formed its VC coverage team, which is part of its commercial bank, in 2019.
JPMorgan wants to deepen its ties with Silicon Valley and has just hired five people to help it.
The company grabbed Carly Kiser, Sarah Peluso, Paula Root and Navid Shahrestani from Silicon Valley Bank. He also hired Jordan Litke, who was a relationship manager with a focus on tech and middleman companies at Bank of America.
They all join JPMorgan’s innovation-economics team, which includes its teams focused on technology and disruptive commerce (TDC), life sciences and venture capital. It’s an effort to work more with tech startups and the venture capitalists who support them.
Kiser (in Seattle), Litke (in Boston), Peluso (in Los Angeles) and Root (in New York) will join JPMorgan as executive directors of the TDC team, and Shahrestani will join in Los Angeles as executive director on the venture capital team.
The Innovation-Economics team is part of the Commercial Banking unit, which provides small and medium-sized businesses with credit, financing, treasury and payments services, as well as international banking services, among others.
While JPMorgan’s investment bank works with large corporations, its commercial bank looks at small business banking with a focus on tech startups and mid-market companies.
JPMorgan created a dedicated venture capital hedging team in 2019 and hired four executives from Silicon Valley Bank at the time to build it.
Bank of America has also leaned into the middle market in recent years, hiring key banks and focusing on small US towns like Nashville, Tennessee, and Salt Lake City. And Wells Fargo also said it looks to build on existing relationships with middle-market commercial banks as it revamps investment banking and capital markets within the company.
The new hires signal JPMorgan’s ambitions to win startups with its commercial banking services, an area historically dominated by Silicon Valley Bank.
SVB provides small business banking, venture capital, and startup debt. About 50% of all US bank venture capital-backed tech and life science companies with SVB, according to its website.
“JPMorgan is accelerating its commitment to providing the expertise, solutions and connectivity that start-ups need to unleash their full potential at every stage of their growth,” said Melissa Smith, Specialty Sectors Manager for Intermediate Banks, in a press release. .
“The new members of our team bring decades of consulting experience to leading entrepreneurs, investors and VCs around the world and will be a tremendous asset to our clients,” she said.
In the meantime, SVB has sought to expand its wealth management offerings, Insider reported a year ago. The strategy included hiring in the private banking and wealth advisory teams of the bank.