J.P. Morgan’s Marko Kolanovic.
Crystal Mercedes | CNBC
A senior strategist at JPMorgan Chase & Co. is exiting the investment firm as the stock market rises.
Marko Kolanovic, who served as chief global market strategist and co-head of global research, will leave the bank to pursue other opportunities, according to sources familiar with the internal announcement.
Hussein Malik will succeed him as sole head of global research, and Dubravko Lakos-Bujas will serve as chief market strategist.
Kolanovich has gained fame among market watchers for correctly predicting the stock market rebound during the Covid-19 pandemic. But he has been pessimistic over the past two years as the market hit new highs.
JPMorgan’s current year-end forecast S&P 500 Index was 4,200, while no other major company in a CNBC market strategist survey was below 5,200. JPMorgan’s prediction was officially attributed to Kolanovic’s Lakos Boujas.
The S&P 500 is up more than 15% this year, closing above 5,500 on Tuesday.
News of Kolanovic’s departure was first reported by Bloomberg News.
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