(Bloomberg) -- JPMorgan Chase & Co. is reshuffling the leadership ranks within its collateralized loan obligation business after losing a trio of veteran bankers to Sumitomo Mitsui Financial Group Inc.’s rival platform less than three months ago.

The bank has promoted Steve Baker to global head of CLO primary, according to an internal memo seen by Bloomberg. He previously served as JPMorgan’s head of EMEA primary issuance of CLOs. Baker will relocate to New York to assume the new role where he will report to Jake Pollack, the bank’s global head of credit financing, CLO primary and direct lending. 

George Blair will become head of US CLO structuring. The memo also named Jane Park as head of US CLO syndicate, Anusha Singh as head of EMEA CLO primary, and Lacey Vigmostad as head of US CLO origination. 

JPMorgan’s promotions will replace three senior bankers who were hired away by SMBC to grow the Japanese firm’s CLO platform. Over $200 billion of new US issues priced in 2024, roughly 75% more than the prior year, according to data compiled by Bloomberg. Activity in the roughly $1.3 trillion CLO market is expected to continue to surge this year. 

The bankers that left were Christine Ferris, the former global head of CLO primary; Anusha Joly, previously global head of CLO syndicate; and Mussie Tizazu, who structured CLOs. 

The JPMorgan veterans helped make the bank a leader in issuing and structuring CLOs, which repackage leveraged loans into securities of varying risk and size.

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