Having repeatedly made incorrect predictions about the US stock market, Morgan Stanley's chief strategist, Kolanovic, is set to resign
JPMorgan Chase's Chief Market Strategist Kolanovic is about to resign, he has made multiple inaccurate predictions about the US stock market. This change may have a significant impact on JPMorgan Chase's market strategy and global research team. Kolanovic has faced some challenges in predicting the stock market, and his resignation has attracted widespread attention in the financial industry. Who will succeed him in his position in the future will become a focus of industry attention
According to information from the Zhitong Finance and Economics APP, it has been reported that Marko Kolanovic, the Chief Market Strategist and Co-Head of Global Research at JPMorgan Chase (JPM.US), is set to leave the bank, as disclosed in an internal memo.
Kolanovic, known for his deep market insights during his 19-year career at JPMorgan Chase, is currently seeking new career opportunities as indicated in the memo. With Kolanovic's departure, Hussein Malik, the Co-Head of Global Research, will assume the sole responsibility of the Global Research Head.
While the spokesperson for JPMorgan Chase has remained silent on the matter and both Kolanovic and Malik have yet to respond to requests for comments, this change is expected to attract widespread attention in the financial industry.
It is understood that Kolanovic has faced some challenges in predicting the stock market. In 2022, despite a 19% decline in the S&P 500 index, he maintained a bullish stance, unlike many Wall Street strategists at the time who lowered market expectations. However, his bearish shift when the market hit bottom caused him to miss out on the subsequent 24% rise in the S&P 500 index and the 14% growth in the first half of 2023.
JPMorgan Chase's strategy team, led by Kolanovic, has been unique among major Wall Street banks in consistently predicting a sell-off in the U.S. stock market. This stance sharply contrasts with the steadily increasing expectations of other financial institutions such as Goldman Sachs, Citigroup, and Bank of America. Among the banks tracked by Bloomberg, JPMorgan Chase has set the lowest target price for the S&P 500 index in 2024 at only 4200 points, while the current trading price of the index is well above 5500 points.
Kolanovic's departure may have a significant impact on JPMorgan Chase's market strategy and global research team, providing market observers with insights into senior management changes in the financial industry. As he explores new career paths, the industry will closely watch who will take over the responsibilities he leaves behind at JPMorgan Chase and lead the team to face future market challenges