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JPMorgan Chase’s (NYSE:JPM) chief global markets strategist Marko Kolanovic is planning to leave the bank, Bloomberg News reported on Wednesday, citing an internal memo it obtained.
Kolanovic is perhaps infamously known for his conflicting stock-market calls over the past two years which have differed significantly from Wall Street’s actual performance.
Kolanovic, who according to his LinkedIn profile has been at JPMorgan (JPM) for over 16 years, is “exploring other opportunities,” as per the memo as quoted by Bloomberg.
Kolanovic also served as co-head of JPMorgan’s (JPM) global research. The memo said Hussein Malik will now become the sole head.
JPMorgan (JPM) did not immediately respond to a request for comment from Seeking Alpha, and neither did Kolanovic nor Malik.
Kolanovic was consistently bullish on U.S. equities for much of 2022, a year in which the benchmark S&P 500 (SP500) slumped nearly 20%.
The analyst turned bearish towards the end of the market bottoming out, and has remained firmly so even as the S&P (SP500) rebounded almost 25% in 2023 and advanced more than 14% in H1 2024.
As recently as Friday, Kolanovic backed his ultra-bearish year-end target of 4,200 points for the S&P 500 (SP500), even as the index has powered past 5,500 and has caused other brokerages to drive up their estimates.