Marko Kolanovic of JP Morgan.
Crystal Mercedes | CNBC
A top strategist at JPMorgan who was sidelined by the stock market rally is leaving the investment firm.
Marko Kolanovic, former chief global markets strategist and co-head of global research, is leaving the bank to explore other opportunities, a source familiar with the internal announcement said.
In his place, Hussein Malik will become sole head of global research, and Dubravko Lakos-Bujas will serve as chief market strategist.
Kolanovic gained fame among market watchers for correctly predicting a stock market recovery in the midst of the Covid-19 pandemic. But he has been consistently bearish over the past two years as the market has reached new highs.
JPMorgan’s current year-end forecast for the S&P500 is 4,200, while no other major company in the CNBC Market Strategist Survey is lower than 5,200. JPMorgan’s prediction is officially attributed to Lakos-Bujas, who worked under Kolanovic.
The S&P 500 is up more than 15% this year and closed above 5,500 on Tuesday.
The news of Kolanovic’s departure was first reported by Bloomberg News.
