JPMorgan’s Marko Kolanovic.
Crystal Mercedes | CNBC
A high strategist at JPMorgan who was caught offside by the inventory market rally is quitting the funding agency.
Marko Kolanovic, who served as chief world markets strategist and co-head of worldwide analysis, is leaving the financial institution to discover different alternatives, in keeping with a supply conversant in the interior announcement.
In his place, Hussein Malik will grow to be the only head of worldwide analysis, and Dubravko Lakos-Bujas will function chief markets strategist.
Kolanovic rose to prominence amongst market watchers for appropriately predicting a inventory market rebound in the course of the Covid-19 pandemic. However he has been persistently bearish over the previous two years because the market has reached new highs.
JPMorgan’s present year-end prediction for the S&P 500 is 4,200, whereas no different main agency within the CNBC Market Strategist Survey is under 5,200. JPMorgan’s prediction is formally credited to Lakos-Bujas, who labored beneath Kolanovic.
The S&P 500 is up greater than 15% this yr and closed above 5,500 on Tuesday.
Information of Kolanovic’s departure was first reported by Bloomberg Information.