Longest serving banker retires from JP Morgan

 
Tim Wallace
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JP MORGAN’S longest serving investment banker in London yesterday announced his retirement after 34 years.

Klaus Diederichs helped found the bank’s investment banking arm and his most recent role was chairman of investment banking in Europe, the Middle East and Africa.

According to a memo seen by City A.M. he is stepping down in April but will stay on as a senior adviser.

The position means he will not be in the office regularly but will meet clients and work on deals when required.

It is understood that the 59-year-old expected to retire in 2008 but stayed on to work through the financial crisis.

Diederichs joined Morgan Guaranty Trust in 1980 as a trainee in New York in the years before JP Morgan had investment banking operations – the Glass-Steagall rules had prevented the lender from becoming a universal bank.

In 1985 he moved to London as an executive director in debt capital markets and went on to help establish JP Morgan as an investment bank.

A key part of that was the deal to take over Cazenove, a deal which began as a joint venture and which was negotiated by Diederichs.

He also worked on a range of high profile deals across M&A and the debt and equity markets.

Recent deals include the Liberty’s takeover of Virgin Media and the Microsoft-Nokia deal.

And among the landmark deals of his career Diederichs counts the Rosneft flotation and the Unicredit-HVB Group banking merger.