JPMorgan Chase has hired David Carnegie-Brown, a veteran of UBS, to bolster its consumer investment banking coverage, according to an internal memo seen by Financial News. Carnegie-Brown will join as a managing director and will be based in London, reporting to Mark van der Zee, head of European consumer investment banking.
Background and experience
Carnegie-Brown brings more than 25 years of experience in investment banking, having spent over two decades at UBS. During his tenure, he focused on consumer and retail clients, advising on mergers and acquisitions, equity and debt capital markets transactions. His departure from UBS was not publicly announced, but his move to JPMorgan is seen as a strategic hire to strengthen the bank's consumer franchise.
Strategic importance
The hire comes as JPMorgan continues to expand its investment banking presence in Europe, particularly in the consumer sector. The bank has been actively recruiting senior bankers to deepen its coverage of key industries. According to the memo, Carnegie-Brown's appointment reflects JPMorgan's commitment to providing top-tier advisory services to consumer companies across the region.
“David is a highly respected banker with deep relationships in the consumer space,” said van der Zee in the memo. “His experience will be invaluable as we continue to grow our franchise and serve our clients.”
Market context
The consumer sector has seen significant deal activity in recent years, driven by shifts in consumer behavior, digital transformation, and sustainability trends. JPMorgan's move to hire a seasoned banker like Carnegie-Brown underscores the importance of this sector to the bank's strategy. The bank has been advising on major consumer deals, including the merger of two European food companies and the IPO of a luxury goods brand.
According to data from Dealogic, JPMorgan ranked among the top five investment banks globally for consumer-related M&A in 2023, with a market share of approximately 8%. The addition of Carnegie-Brown is expected to further strengthen its position.
