JPMorgan Signals Focus on Legal Lending in Hire of Ex-Citigroup Exec
JPMorgan Chase plans to increase its focus on legal lending with the hire of Lester Pataki, the former head of Citigroup’s law firm group.
Pataki left Citi in March, the Am Law Daily reports. He had headed its law firm group since 2004. Citi is generally believed to be the largest law firm lender.
Joseph Kenney, CEO of JPMorgan’s private wealth management arm, said in a statement that Pataki’s “sharp business and strategic acumen will be a huge asset for us” as the bank seeks to further penetrate the high-net-worth market.
JPMorgan established its law firm group in 2006 and now works with more than 60 percent of the top 100 law firms, according to Sharon Weinberg, who heads the group.
The personnel move comes as law firm lenders posted declines in revenue for the first quarter. JPMorgan’s private wealth management business, which includes legal lending, saw an 11 percent decline while Citi Private Bank, which includes the law firm group, had a 16 percent decline.
