New York, NY – A prominent strategist at JPMorgan has announced his departure from the investment firm after being surprised by the recent stock market rally. Marko Kolanovic, former chief global markets strategist and co-head of global research, is stepping down to explore new opportunities, as confirmed by an internal source.
Hussein Malik will now assume the role of sole head of global research, with Dubravko Lakos-Bujas taking over as chief markets strategist. Kolanovic gained recognition for accurately forecasting a stock market rebound during the Covid-19 pandemic. Despite this success, he has maintained a bearish stance over the last two years as the market continues to achieve new highs.
JPMorgan’s current year-end forecast for the S&P 500 stands at 4,200, with no other major firm surveyed predicting below 5,200. This prediction is attributed to Lakos-Bujas, who previously worked under Kolanovic. The S&P 500 has seen a more than 15% increase this year, closing above 5,500 recently.
The news of Kolanovic’s resignation was first reported by Bloomberg News. His departure marks the end of a challenging period for him during his tenure at JPMorgan. While his departure may leave a gap in the firm’s strategizing, his legacy in the industry will undoubtedly be remembered.
Kolanovic’s exit from JPMorgan signifies a significant shift within the firm’s leadership. As he embarks on a new chapter, his departure prompts reflections on his impactful contributions to the financial world. While the investment firm undergoes the transition, the market will be closely monitoring the implications of this change in leadership.