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MarketScreener Homepage  >  Equities  >  Nyse  >  JPMorgan Chase & Co.    JPM


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JPMorgan poaches Wells Fargo banker for entertainment group - sources

05/14/2018 | 07:02am EST
JP Morgan Chase & Co sign outside headquarters in New York

(Reuters) - JPMorgan Chase & Co has hired Reginald Lang, the head of media investment banking at Wells Fargo & Co, to work for its entertainment industries group, which provides financing to TV and film studios, people familiar with the matter said.

The group, which is part of JPMorgan's commercial banking arm, does not finance individual TV and movie projects. Instead, it provides corporate financing that producers can use to fund budgets, refinance debt or splash out on mergers and acquisitions.

Lang, a managing director in Wells Fargo's New York office, will relocate to Los Angeles and report to the head of JPMorgan's entertainment industries group, David Shaheen, the sources said, requesting anonymity to discuss the matter ahead of an official announcement.

JPMorgan could announce the new hire as early as Monday in an internal memo, according to one of the sources. JPMorgan, Wells Fargo and Lang all declined to comment.

The move marks a return to JPMorgan for Lang, who left the New York-based bank in 2006 to join Wachovia, a bank subsequently acquired by Wells Fargo, according to his LinkedIn page.

JPMorgan has a market share of more than 90 percent in the provision of senior debt financing to entertainment production companies, according to its website. It started financing Hollywood movies in the silent film era of the 1920s.

JPMorgan's corporate clients in the entertainment industry include Metro-Goldwyn-Mayer Studios Inc, Lions Gate Entertainment Corp , Legendary Pictures, which is now owned by China's Dalian Wanda, Steven Spielberg's Amblin Partners, Village Roadshow Ltd and Entertainment One Ltd.

(Reporting by Liana B. Baker in New York; Editing by Paul Simao)

By Liana B. Baker

© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
JPMORGAN CHASE & CO. -0.77% 133.79 Delayed Quote.5.29%
JUST GROUP PLC 1.84% 78.85 Delayed Quote.12.66%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LIONS GATE ENTERTAINMENT CORP. 3.55% 13.42 Delayed Quote.18.03%
METRO INC. -0.52% 57.06 Delayed Quote.0.46%
WELLS FARGO & COMPANY -0.31% 31.9 Delayed Quote.5.70%
WILL GROUP, INC. -0.98% 1007 End-of-day quote.0.10%
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Financials (USD)
Sales 2020 120 B - -
Net income 2020 23 574 M - -
Net Debt 2020 - - -
P/E ratio 2020 17,4x
Yield 2020 2,69%
Capitalization 408 B 408 B -
Capi. / Sales 2020 3,41x
Capi. / Sales 2021 3,55x
Nbr of Employees 255 351
Free-Float 73,5%
Duration : Period :
JPMorgan Chase & Co. Technical Analysis Chart | JPM | US46625H1005 | MarketScreener
Technical analysis trends JPMORGAN CHASE & CO.
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Average target price 144,17 $
Last Close Price 133,79 $
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James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jennifer A. Piepszak Chief Financial Officer
Lori A. Beer Chief Information Officer
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