JP MORGAN Chase is today expected to announce Daniel Zelikow, a former US Treasury official, is to supervise a new drive to secure more commercial banking business for the group.
Zelikow, who served under Robert Rubin in the Clinton administration, will look to win work from governments around the world and particularly in faster-growing economies.
He is expected to head up a team of around a dozen bankers, and have access to other JP Morgan employees, to work on gaining clients in an area currently dominated by massive groups like Citigroup and HSBC.
Zelikow’s appointment is thought to be part of JP Morgan’s plan to expand into commercial banking, seen as a more stable source of income than its traditional fares of investment banking and asset management.
JP Morgan did not respond to calls for comment last night.