If you think you’re having a bad day, spare a thought for JP Morgan.
The bank has been pounded by regulatory headaches in recent years, with legal woes ranging from a $6bn (£3.9bn) “London Whale” trading loss to a bribery investigation into claims it hired the children of high-level Chinese officials to gain clients. (We understand JP Morgan has appointed King & Wood Mallesons, Herbert Smith Freehills and Paul Weiss Rifkind Wharton & Garrison to advise it on the China probe).
Perhaps it isn’t the best time for JP Morgan to lose one of its main lawyers responsible for litigation and governmental investigation matters. But as fate would have it, that’s exactly what has happened.
San Francisco-based Union Bank has snapped up JP Morgan’s co-head of litigation and investigations, Michael Coyne, who has been with the bank for 21 years, as its new general counsel. He shared the role at JP Morgan with senior vice president Jill Centella, who is at least sticking around.
Some good news then.
Also on The Lawyer:
- Circle Housing Group, the social housing provider for London and the South East, has kicked off a tender process for its legal panel worth up to £8m
- The general counsel of West Yorkshire-based professional rugby league Castleford Tigers has joined ABS Brilliant Law as employment head
- Cleary Gottlieb Steen & Hamilton has waded back into the fray for Ryanair after the airline was told to slash its stake in rival Aer Lingus to 5 per cent by the UK Competition Commission (CC)