JPMorgan names BofA’s Castaldo, Martin as mid-market M&A leader

(Bloomberg) — JPMorgan Chase & Co. has named co-heads of its mid-cap mergers and acquisitions business, moving toward a broader focus on smaller companies.

Andrew Castaldo, who has worked at the largest U.S. bank for a decade, will run the company together with Andrew Martin, who joined it this year from Bank of America Corp., according to a memo shared with Bloomberg News.

Both bankers will be based in New York and will be led by Anu Aiyengar, JPMorgan’s global head of M&A. A JPMorgan spokeswoman confirmed the memo but declined to comment further.

One of JPMorgan’s top priorities is “to provide exceptional investment banking advice to our more than 30,000 middle-market clients,” Aiyengar wrote in a note. The bank advised on more than 200 middle-market M&A deals under $2 billion in 2023.

Castaldo most recently led JPMorgan’s energy M&A group. Martin, who spent more than 27 years at Bank of America, most recently led JPMorgan’s middle market investment banking team.

Under CEO Jamie Dimon, JPMorgan has become known for moving top executives to new positions to broaden their leadership experience. Earlier this year, the bank combined its global investment bank, corporate bank and commercial bank and named Jenn Piepszak and Troy Rohrbaugh as its leaders.

Many of JPMorgan’s mid-market clients are family offices that are expected to grow in the coming years and decades. It is believed that prioritizing M&A for such clients could enable JPMorgan to advise them on future deals.

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