NEW YORK (Reuters) - JPMorgan Chase & Co said on Monday it is combining its middle-market technology and emerging growth commercial banking teams to better position the bank to handle start-ups that rapidly grow to be big companies.
The technology and disruptive commerce industry group will be lead by James Millar and Alton McDowell and will focus on promising start-ups that specialise in software, semiconductors, food, health and wellness, lifestyle and pet products.
Dozens of young businesses in these consumer and service segments have become overnight successes in the last decade.
JPMorgan, the largest U.S. bank by assets, will use this group to sell these small to mid-market companies everything from handling their treasury, payments, credit and financing, to mergers and acquisitions advice.
“In today’s economy, startups are growing at a faster clip and basic banking needs can quickly turn complex,” Melissa Smith, head of specialised industries for the bank’s middle-market group, said in a statement.
Millar previously ran the middle market banking technology team out of New York, and McDowell led the emerging growth group in Houston, Texas.
Reporting by Elizabeth Dilts; Editing by James Dalgleish