JPMorgan’s Marko Kolanovic.
Crystal Mercedes | CNBC
A top strategist at JPMorgan who was caught offside by the stock market rally is quitting the investment firm.
Marko Kolanovic, who served as chief global markets strategist and co-head of global research, is leaving the bank to explore other opportunities, according to a source familiar with the internal announcement.
In his place, Hussein Malik will become the sole head of global research, and Dubravko Lakos-Bujas will serve as chief markets strategist.
Kolanovic rose to prominence among market watchers for correctly predicting a stock market rebound in the middle of the Covid-19 pandemic. But he has been consistently bearish over the past two years as the market has reached new highs.
JPMorgan’s current year-end prediction for the S&P 500 is 4,200, while no other major firm in the CNBC Market Strategist Survey is below 5,200. JPMorgan’s prediction is officially credited to Lakos-Bujas, who worked under Kolanovic.
The S&P 500 is up more than 15% this year and closed above 5,500 on Tuesday.
News of Kolanovic’s departure was first reported by Bloomberg News.
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Source Link: https://www.cnbc.com/amp/2024/07/03/one-of-the-biggest-bears-in-this-bull-market-is-leaving-jpmorgan.html
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JPMorgan’s Marko Kolanovic. Crystal Mercedes | CNBC A crowning contriver at JPMorgan who was caught offsides by the have mart feat is quitting the assets firm. Marko Kolanovic, who served as honcho orbicular markets contriver and co-head of orbicular research, is leaving the slope to explore another opportunities, according to a maker old with the …
