Kaustubh Kulkarni elevated as JP Morgan India head

Wall Street investment bank JP Morgan has announced a slew of appointments, including a new country head for India, elevating Kaustubh Kulkarni to succeed the incumbent Madhav Kalyan, who is moving to a larger role within the group.

The bank said Kalyan, who is the current country head for India, will be heading the Asia Pacific payments division effective November 1, succeeding Sridhar Kanthadai who will be moving into a new role as co-head of global payment rails and payment VAS.

Kulkarni, who is being elevated as the country head of India (senior country officer), is currently the head of investment banking in JP Morgan India as also the vice-chair Asia Pacific for the bank and also the co-head of investment banking for Southeast Asia.

Even after assuming the new role, Kulkarni will continue to be the vice-chairman of JP Morgan Asia Pacific, the bank said in a statement on Monday.

Kulkarni has been with JP Morgan for the past 24 years. As the head of investment banking in India, he has been instrumental in building the leading investment banking business.

Kalyan joined JP Morgan in 2009 as head of corporate banking for India and chief executive of JPMorgan Chase Bank India, before becoming the senior country officer for India in the beginning of 2021. He has 28 years of experience in the banking and financial services industry.

In another appointment, the bank said Navin Wadhwani will be head of investment banking for India now. Wadhwani, who has over three decades of experience, joins from Reliance Industries where he headed M&As for the past 10 years. Prior to that, he was a senior managing director at Rothschild India.

Another appointment is of PD Singh, who will have an expanded role in the bank as the head of corporate banking in India and will also be the interim chief executive of JP Morgan Chase Bank India. Singh joined the bank in 2010 and has been heading corporate banking since 2021.

All the new roles are effective November 1, the statement added.