Jimmy Lee (banker)
James B. Lee Jr. | |
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Born | James Bainbridge Lee Jr. October 30, 1952 |
Died | June 17, 2015 Darien, Connecticut | (aged 62)
Other names | "Jimmy" |
Alma mater | Williams College Canterbury School |
Occupation | Investment banking |
Years active | 1975 - 2015 |
Employer(s) | JPMorgan Chase Chase Manhattan Bank (prior) Chemical Bank (prior) |
James Bainbridge "Jimmy" Lee Jr. (October 30, 1952 – June 17, 2015) was an American investment banker, notable for his role in the development of the leveraged finance markets in the U.S. in the 1980s. He is widely credited as the architect of the modern-day syndicated loan market.[1] At the time of his death, Lee was vice chairman of JPMorgan Chase & Co. and a member of the bank’s executive committee. He was also Co-Chairman of JPMorgan's investment bank.
Early life
James Bainbridge Lee Jr. was born on October 30, 1952 in Manhattan, New York City.[2] He was educated at the Canterbury School. He graduated from Williams College in 1975, where he received a bachelor of arts degree in Economics and Art History.
Career
Lee joined Chemical Bank in 1975 and worked in a variety of lending businesses until 1980, when he founded and ran Chemical’s merchant bank in Australia. In 1982, he returned to the US and started the bank’s syndicated leverage finance group, which constituted the origins of the investment banking business at Chemical and later Chase Manhattan Bank. Lee ran the investment bank until the merger with J.P. Morgan & Co. in 2001.[1]
History of private equity and venture capital |
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Early history |
(origins of modern private equity) |
The 1980s |
(leveraged buyout boom) |
The 1990s |
(leveraged buyout and the venture capital bubble) |
The 2000s |
(dot-com bubble to the credit crunch) |
The 2010s |
(expansion) |
The 2020s |
(COVID-19 recession) |
Following Chemical’s merger with Manufacturers Hanover in 1994, Lee founded the bank’s high yield (or junk bond) business, which was the bank's first public securities operation. At the same time, he built the bank’s financial sponsor coverage business focused on private equity firms as well as the bank's mergers and acquisitions business.[1]
By organizing high yield with loan syndications and private equity coverage, and the newly formed M&A group, this led to a variety of market innovations which Chase pioneered.[citation needed] Lee also led the team that resulted in Chase acquiring Hambrecht & Quist which gave the bank its first public equity business and first dedicated technology investment banking practice.[citation needed] He has remained active in the technology industry.
In 2000, Lee was effectively demoted in favor Geoffrey Boisi [3] but within two years Biosi was out and Lee was again leading investment banking at JP Morgan.[4] By 2007, Lee was placed at the center of a New York Times illustration title "Masters of the New Universe" where he was connected with some of the largest leveraged buyout transactions of the past decade.[5]
Lee led the J.P. Morgan teams that executed the $25 billion Alibaba Group IPO, the largest IPO in history; [citation needed] the $23 billion General Motors IPO, the second largest U.S. IPO;[citation needed] and the $41 billion common stock sale of the U.S. Treasury’s ownership of AIG, resulting from the U.S. Government’s bailout of the company.[citation needed] He also led the negotiations with the U.S. Treasury for the financial restructuring of Chrysler.[citation needed] Most recently, Lee also advised Comcast on their announced acquisition of Time Warner Cable and planned divestitures of systems to Charter (pending),[citation needed] the Dell Board of Directors Special Committee on the buyout of Dell by Michael Dell and Silver Lake,[citation needed] GE on its $30 billion sale of NBC to Comcast,[citation needed] United Airlines in its merger with Continental Airlines,[citation needed] News Corporation on its purchase of Dow Jones,[citation needed] led the IPO of The Carlyle Group,[citation needed] and co-led the IPOs of Facebook and Twitter.[citation needed]
Lee was a member of Kappa Beta Phi.[6]
Lee had a personal net worth of $185 million in 2010.[citation needed]
Death
Lee died on June 17, 2015, unexpectedly after experiencing shortness of breath while exercising. He is survived by his wife Beth and three children.[7]
References
- ^ a b c The New York Public Library Honors James B. Lee, Jr., New York Public Library, June 26, 2008
- ^ [1]
- ^ Sidelined Banker Still Draws a Crowd. New York Times, December 10, 2000
- ^ J.P. Morgan Shakes Up A Key Unit. New York Times, May 24, 2002
- ^ Masters of the New Universe. New York Times, April 4, 2007
- ^ Roose, Kevin (2014). Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits. London, UK: John Murray (Publishers), An Hachette UK Company. p. 208. ISBN 978-1-47361-161-0.
- ^ JPMorgan Vice Chairman Jimmy Lee Dead at 62. Bloomberg, June 17, 2015
- Meet The New Michael Milken. Forbes, April 17, 2000
- Banker, Loan Maestro Jimmy Lee Switched Suspenders for Sweaters. The Observer, December 23, 2001
- CNBC'S Erin Burnett sits down with James B. Lee, Jr. JP Morgan Chase Vice Chairman. July 8, 2009
- Kingpin of the Big-Time Loan. New York Times, August 11, 1995
- Return of the Native; Chase's Investment Banking Hopes Ride on a Goldman Exile. New York Times, June 29, 2000
- JIMMY LEE'S GLOBAL CHASE. New York Times, April 14, 1997
- FINANCIAL BIGS HONOR JIMMY LEE. New York Times, June 27, 2008
- Jimmy Lee holds LBO hands as Chase securitizes stakes. Investment Dealers' Digest, December 4, 2000
- Jimmy Lee: JPMorgan's Trillion-Dollar Man. TheStreet.com