JPMorgan has appointed Sunil Dhupelia as head of equity capital markets (ECM) international and will move him from Hong Kong to London in the coming months, according to an internal memo.

Dhupelia, who joined JPMorgan in 2022 and has more than two decades of ECM experience in the Asia-Pacific region, previously served as co-head of Asia Pacific ECM. Peihao Huang, his fellow co-head, will become sole head of ECM in Asia and join the global ECM operating committee, the bank said. A spokesperson confirmed the contents of the memo.

Kevin Foley, JPMorgan’s global head of capital markets, said the promotion reflects the bank’s plans to strengthen client support and leadership depth across markets. “We have an incredible opportunity to expand and deepen how we support our clients around the world through some of their most important moments, and we’re investing in elevating strong leaders to propel us on the right path forward,” Foley said in the memo, as reported by Reuters.

The reshuffle follows a period of senior turnover in JPMorgan’s ECM team, with Citi hiring a number of former JPMorgan bankers under its head of banking, Vis Raghavan. In July, Citi recruited JPMorgan’s co-heads of international ECM, Aloke Gupte and Alex Watkins, with Gupte now London-based global co-head of ECM alongside US-based Doug Adams, and Watkins moving to San Francisco as head of technology financing.

There has been industry speculation that Citi’s former global co-head of ECM, James Fleming, could join JPMorgan to share the international role. However, eFinancialCareers reported that the bank has opted for an internal move to fill the position for now, noting “it doesn’t appear to be happening” and that “Dhupelia may yet get a co-head hired from outside”.

Reuters separately reported Dhupelia’s appointment and relocation, citing the internal memo and confirming Huang’s new responsibilities. The agency also noted Dhupelia’s tenure and regional background, and the bank’s confirmation of the memo’s details.

The changes underscore JPMorgan’s strategy of promoting experienced internal leaders to steady its ECM franchise following departures to rivals, while signalling that further senior additions could still be considered. With Dhupelia set to anchor the international ECM platform from London and Huang taking full charge in Asia, the bank is positioning its equity origination business for a potential resurgence in issuance volumes across regions.

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