Matthew Demko, a managing director at JP Morgan, has departed the bank, known for its leadership under Jamie Dimon, to join the Ryan Specialty Group, an insurance broker founded by billionaire Patrick G. Ryan.
Demko’s final day at JP Morgan was Monday. His broker profile is available on the US regulatory body FINRA’s website but hasn’t been updated to reflect his new position yet.
At 42, Demko has spent his entire investment banking career with JP Morgan, starting in 2011. He worked primarily in the leveraged finance division, which extends credit to companies that don’t hold investment-grade ratings.
Two years ago, he earned a promotion to managing director, a title granted to just 37 individuals within the firm following a five-month evaluation process.
The Ryan Specialty Group, established in 2010 by 88-year-old Ryan, former CEO and chairman of AON, has its headquarters in Chicago. Ryan’s net worth has been reported to be around $12 billion, according to Bloomberg.
A request for comment was made to Ryan’s specialized group, but it went unanswered.
A spokesperson from JP Morgan also chose not to comment.
Demko achieved the managing director rank after completing his MBA at the University of Michigan. His career earlier included a five-year stint with Deloitte in Britain.
In 2022, Dimon had indicated that “hurricanes” could arise from various factors, including geopolitical tensions like Russia’s Ukraine invasion and the Federal Reserve’s tightening of monetary policy to address inflation-related market instability.
