In its next significant step toward expanding the investment banking division of its tax-exempt capital markets operation, JPMorgan on Friday announced that it has hired veteran public finance banker H. Cody Press to head its Western region.
This is the bank’s second high-profile hire in recent weeks. On Jan. 25 it announced it had hired Henry Reyes, former head of public finance at Raymond James & Associates Inc. in St. Petersburg, Fla., to take the helm of its investment banking and public finance operations for its Southeast region, which includes Florida and Puerto Rico, based out of Orlando.
Press comes to the firm from Citigroup Investment Banking Inc., where he was a managing director of the Western public finance region since June 2001. He was not immediately available for comment, but a firm spokeswoman did confirm his departure.
Prior to working for Citigroup, he assumed the role of managing director and manager of the public finance group in the western region at Merrill, Lynch & Co. in July 1991 when Samuel B. Corliss Jr. vacated the position to become director of the municipal derivatives products group.
Under Press’ leadership at Citigroup, the firm held the coveted number one ranking among senior managers in the Far West region from 2003 to 2006, and in 2002 was ranked number two. In 2006, the firm enjoyed a 17.2% market share and underwrote 140 deals consisting of $12.6 billion, according to data from Thomson Financial.
That was down slightly from its market share, volume, and number of deals the year before, which consisted of 16.7%, $13.5 billion, and 188, respectively.
Looking forward to his newest position at JPMorgan, Press will be a managing director responsible for an area that includes California, Nevada, Oregon, Washington, Hawaii, and Alaska, according to JPMorgan spokeswoman Brooke Harlow.
The firm is relying on his more than 20 years of experience in the public finance industry to help expand its market position in the Western region — which is one of its largest markets targeted for growth this year — and California, in particular, which is one of the largest issuers of tax-exempt debt in the country, Harlow said.
Given his extensive experience in the industry — specifically in the Western region — Press is an important addition to the firm, according to the head of the bank’s municipal public finance group.
“His hire is a key milestone in our long-term plans to build out our presence and increase our market share in this important region,” Gene Saffold, head of U.S. public finance investment banking at JPMorgan, said on Friday in a statement provided to The Bond Buyer. “Cody is a proven manager and business development professional who has devoted his entire career to serving public sector clients in California and the West.”
“JPMorgan is committed to expanding our business platform throughout the Western region. We look forward to working with Cody to develop and expand JPMorgan’s client relationships in this important market,” said Bill Johnson, managing director and head of JPMorgan’ tax-exempt capital markets group.
Press, who will report to Saffold, will have an extensive staff and will be headquartered in Los Angeles, but will also manage the San Francisco office and will also be a member of the tax-exempt capital markets investment banking operating committee, Harlow said.
Like Press, Reyes — who also previously worked at the former Salomon Smith Barney Inc., now Citigroup — was tapped to help the firm accomplish significant growth in the Southeast market this year, Saffold has said. Reyes’ stint at Citigroup included a four-year position as managing director and banker in the Southeast region based in Orlando.
Press will not start in his new job for 75 days under the firm’s policy regarding moving to a similar position at a competing firm
