“Hurricane Jamie” lost one of his rainmakers.
JPMorgan managing director Matthew Demko quit the Jamie Dimon-led bank to join Ryan Specialty, an insurance broker and underwriter founded by billionaire Patrick G. Ryan, The Post has learned.
The investment banker’s last day of employment with the US financial giant was Sunday, according to his broker profile posted on the website of US regulator FINRA, but it is yet to be updated with his new job.
A source close to his new employer said Demko started with the company earlier this week in New York.
The 42-year-old Demko, who joined the firm in 2011, worked in the bank’s leveraged finance unit that helps provide credit to non-investment grade companies.
He was promoted to managing director two years ago, becoming one of 37 JPMorgan bankers in 2023 to gain the elite title at the US financial giant after a five-month assessment process.
Ryan Specialty was set up by the 88-year-old former AON CEO and chairman in 2010.
The Chicago-headquartered company went public in July 2021 and Ryan has a current net worth of nearly $12 billion, according to Bloomberg.
A spokeswoman for Ryan’s Specialty did not respond to The Post’s request for comment. A JPMorgan spokeswoman declined to comment.
Demko had spent his entire investment banking career with JPMorgan after graduating from the University of Michigan with an MBA, according to his LinkedIn profile.
Before that, Demko did a five-year stint with the British accounting consultancy Deloitte.
In 2022, Dimon warned the US economy was poised to be hit by a “hurricane” as factors such as the Russian invasion of Ukraine and the Federal Reserve’s move to tighten monetary policy due to decades-high inflation could stoke chaotic conditions in the market.
