JPMorgan has a new MD in DCM, although not the usual kind
Banking is the sell-side. You sell, right? You arrange sales, and sometimes you even go on the road and literally sell securities. Sometimes, however, your job is to buy.
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Gabe Menendez joined JPMorgan in New York this month as a managing director and head of the firm’s liability management team. He joined JPM from UBS, where he spent three years (also as head of liability management). He was part of the Credit Suisse acquisition back in 2023 and was even head of Credit Suisse’s liability management team before being transferred to UBS. JPMorgan declined a quest to comment on this article.
Liability management is a restructuring-related role within debt capital markets. When a client wants to change the debt it already has outstanding, liability management professionals buy those bonds or loans back, swap them for new ones on different terms, or persuade holders to amend the existing terms. The trigger can be distress-related, but it's often just a refinancing, an acquisition, or an opportunistic move caused by a change in interest rates.
Liability management is a very in-demand role when things are not going well in the economy. It was a very fast-growing business for boutique investment banks such as PJT back in 2024. Given how the economy is booming at the moment, especially in the US, Menendez might have a quiet time ahead of him in the next few months. Unless Anthropic has something to do with it.
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