It is not very common for a leading US investment bank to appoint outsiders to run an important part of a franchise. Any speculation about who will succeed Jamie Dimon at JPMorgan Chase or David Solomon at Goldman Sachs invariably mentions company lifers. This was certainly borne out in the case of Morgan Stanley, where Ted Pick succeeded James Gorman. Pick has never worked elsewhere.
The same dynamic often applies to appointments further down the ranks but Charlie Jacobs and Richard Sheppard go against the grain. Together they run JPMorgan Cazenove, one of the most respected corporate brokers in the City of London. They are not lifers at the investment bank and have forged a close working relationship in their roles.
