CHICAGO — JPMorgan internally announced late last week a shift in the leadership of its public finance group, handing sole responsibility for managing the firm’s tax-exempt banking group to Mark T. Melio, public finance sources said Friday.
The shift, announced to staff internally late Thursday and characterized as a move aimed at streamlining investment banking originations, stripped Gene R. Saffold of his co-head status alongside Melio. Saffold, a well-respected banking veteran based in Chicago, had run the firm’s public sector group. Melio, also based in Chicago, managed the health care, housing, and cultural group. Both reported to William Johnson, head of the municipal finance group.