Michael McDonough has been appointed global head of supply chain finance (SCF) at JP Morgan.
McDonough was previously global and North American product director, SCF at the bank and replaces Andrew Betts, who has taken a role in investment services with JP Morgan. He will be based in New York and will report to Daniel Cotti, global head of trade finance.
He will be responsible for leading a global function that deals with multinational corporate clients across the world, structuring and putting in place solutions for working capital optimisation and risk mitigation.
McDonough says to GTR on his appointment: “The JP Morgan SCF business has established itself as one of the market leaders, as evidenced by two years of record client mandates and we expect solid growth to continue in 2013. We’re now able to offer supply chain products to clients in 45 markets, up from 20 just two years ago. We remain focused on delivering on our mandates, ensuring consistent client experience across multi-currency, multi-region solutions and broadening our selective seller – lead receivables proposition.”