JPMorgan Chase is hiring Dan McDow from Citigroup to lead its East Coast technology investment banking division. According to a company memo, McDow will be based in New York and is expected to join the firm later this year.
The move comes amid what the memo describes as a buoyant period for technology dealmaking. The sector has seen recovering valuations in software and increased activity related to the growth of artificial intelligence.
McDow serves as the global head of software investment banking at Citigroup, a position he has held for four years. Prior to his tenure at Citigroup, he spent a significant portion of his 20-year career at Credit Suisse. A JPMorgan spokesperson confirmed the contents of the memo, while Citigroup declined to comment on the departure.
This appointment follows other recent leadership changes at JPMorgan’s technology investment bank. Last week, the firm hired David Fishman from Bank of America to serve as head of North America technology mergers and acquisitions (M&A). Additionally, Vineet Seth, the current head of technology M&A, is moving into a new role as vice chair of investment banking.
The scale of these changes involves three of the largest banks in the United States and their respective technology banking teams. While specific salary figures or individual client portfolios were not disclosed, technology investment banking departments at these institutions typically oversee transactions that shape entire industries, impacting the valuations and ownership of companies that provide everyday software and digital services. The hiring of McDow and Fishman represents a consolidation of veteran talent with decades of experience at a time when valuations in the software space are recovering.
These leadership changes are set to take effect later this year. Both Fishman and Vineet Seth will join a newly-formed Technology M&A Leadership and Advisory Council at JPMorgan. This move establishes a new internal governance structure at the bank to oversee its advisory services. As these executives finalize their transitions, the firms involved will likely begin the process of backfilling the vacated leadership positions at Citigroup and Bank of America, potentially leading to further talent movement across the financial sector in late 2026.