James "Jimmy" Lee

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JUN 17, 2015 @ 04:14 PM 16,072 The Little Black Book of Billionaire Secrets
Remembering Jimmy Lee: When JPMorgan's Star Dealmaker Graced The Cover Of Forbes
Antoine Gara , FORBES STAFF

James Bainbridge Lee Jr., one of the top investment bankers on Wall Street and Vice Chairman of JPMorgan Chase JPM -0.45%, died unexpectedly Wednesday morning at the age of sixty-two, the bank said.

Lee, who went by 'Jimmy,' was a close adviser to scores of the most respected corporations in the United States, and the leading financier to the private equity industry during its rise in the 1980s through the 2000s, acting as point person on many of the industry's largest-ever leveraged buyouts. Most recently, Lee handled deals ranging from the $24.9 billion take-private of Dell , General Electric's GE +0.21% sale of NBCUniversal to Comcast CMCSA -0.43%, and the initial public offerings of General Motors GM -0.90%, Alibaba and countless others.

In a letter to JPMorgan employees, CEO Jamie Dimon said Lee "made an indelible and invaluable contribution to our company, our people, our clients and our industry over his nearly 40 years of dedicated and selfless service."

"Jimmy was a master of his craft, but he was so much more – he was an incomparable force of nature," Dimon added.

After graduating Williams College in 1975, Lee took a $10,500-a-year entry-level job with Chemical Bank and quickly became a protege of legendary banker William Harrison. Under Harrison's guidance, Lee headed up Chemical's M&A practice and created its buyout lending business in the 1980s. By the end of the decade, he'd also come up with new ways of distributing LBO debt among syndicates of banks to manage their risk as deal values surged.




Antoine Gara , FORBES STAFF


James Bainbridge Lee Jr., one of the top investment bankers on Wall Street and Vice Chairman of JPMorgan Chase JPM -0.45%, died unexpectedly Wednesday morning at the age of sixty-two, the bank said.

Lee, who went by 'Jimmy,' was a close adviser to scores of the most respected corporations in the United States, and the leading financier to the private equity industry during its rise in the 1980s through the 2000s, acting as point person on many of the industry's largest-ever leveraged buyouts. Most recently, Lee handled deals ranging from the $24.9 billion take-private of Dell , General Electric's GE +0.21% sale of NBCUniversal to Comcast CMCSA -0.43%, and the initial public offerings of General Motors GM -0.90%, Alibaba and countless others.

In a letter to JPMorgan employees, CEO Jamie Dimon said Lee "made an indelible and invaluable contribution to our company, our people, our clients and our industry over his nearly 40 years of dedicated and selfless service."

"Jimmy was a master of his craft, but he was so much more – he was an incomparable force of nature," Dimon added.

After graduating Williams College in 1975, Lee took a $10,500-a-year entry-level job with Chemical Bank and quickly became a protege of legendary banker William Harrison. Under Harrison's guidance, Lee headed up Chemical's M&A practice and created its buyout lending business in the 1980s. By the end of the decade, he'd also come up with new ways of distributing LBO debt among syndicates of banks to manage their risk as deal values surged.


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Lee's star continued to rise in the 1990s as the banking industry consolidated.

When Chemical acquired Manufacturers Hanover, Lee built out the bank's debt capital markets business. After Chemical's merger with Chase Bank in 1996, he was quickly promoted to Vice Chairman, a role Lee would hold on to as the combined company morphed into JPMorgan Chase through further acquisitions.

Perhaps Lee's most indelible trait was his dogged reliability. When Lee committed to financing a deal, he stuck with it through thick and thin, for instance working round the clock to keep Macy's afloat during its bankruptcy in the early 1990s. His loyalty to clients was matched by his loyalty to JPMorgan, where he spent four decades, an uncommon feature to a career that thrived during an era of upheaval.

He is survived by his wife and three children.

In April 2000, at the crest of the dotcom bubble, Forbes' cover featured JPMorgan's Jimmy Lee, then bankrolling the return of the leverage buyout. The piece, by one of the deans of business journalism, Robert Lenzner, detailed how Lee, then 47, was the Michael Milken of a new era in dealmaking.

Jimmy's List

April 17, 2000: By Robert Lenzner

DEER VALLEY IN UTAH WAS DUTIFULLY snowy in early March, but skiing was the last thing on the minds of the 125 power players who gathered for a private meeting. Robert Pittman of America Online was about, as were Global Crossing’s Gary Winnick, DreamWorks’ Jeffrey Katzenberg and a gaggle of venture capitalists and new Web-illionaires.

The host at this conclave of latter-day Masters of the Universe was not Herbert Allen of Allen & Co., whose star-spangled conference plays out in Idaho every July. Nor was it Michael Milken, whose Predator’s Ball has faded into a colorful anecdote from the past. The host was a little-known banker named James Bainbridge Lee Jr.

Chances are you have never heard of him–and that, one day, you will. Jimmy Lee is wiry, intense and insatiable, a 47-year-old vice chairman of Chase bank. In a startlingly short time he has made Chase the power hitter in the booming business of syndicated loans. Last year Lee raised $356 billion for corporate titans like IBM, General Motors and Seagram, and New Age newcomers like Nextel, RCN and Rhythm Net.

That mountain of money largely went to finance basic business. Now Lee wants to bankroll the return of the LBO–on a massive scale never seen before. The leveraged buyout has been in decline for a decade, eclipsed by safer all-stock deals that shun debt. Lee aims to turn his syndicated loans into the junk bonds of the ’00 decade, fueling a new boom in LBOs. His targets: neglected icons of the Old Economy.

Jimmy Lee has a little list of buyout candidates. He won’t say who’s on it, but he will say how he arrived at it. It’s a collection of big blue (or formerly blue) chips trading at low multiples of earnings. To construct our own version, we sifted the Forbes 500s list for companies whose enterprise value–that’s debt plus market value of common–is a low multiple of operating income. Think of this ratio as the dealmaker’s P/E. Our list is on page 201. It has commodity producers like IBP and USG, housing-related stocks like Mohawk Industries and Armstrong World Industries, retailers, transporters, capital goods makers and others. You could take over one of these things, even at a premium, and comfortably cover the interest payments on the bank loans to finance the deal.

“There’s a revolution coming,” Lee declares. “And that revolution is the purchasing of these assets at these prices. You could see some LBOs that are bigger than anyone has ever seen before.”


https://www.forbes.com/sites/antoinegara/2015/06/17/remembering-jimmy-lee-when-jpmorgans-star-dealmaker-graced-the-cover-of-forbes/#73af6f5571f8
Remembering Jimmy Lee: When JPMorgan's Star Dealmaker Graced The Cover Of Forbes

Antoine Gara , FORBES STAFF
His clients–Kohlberg Kravis Roberts, Forstmann Little, Blackstone and Hicks, Muse among them–are keen on Jimmy’s list. LBO houses are loaded with excess capital and raising more. “We haven’t seen values like this since the early 1990s,” says Leon Black, founder of Apollo Advisors and a guest at Lee’s house in Utah last month. “My goal: Buy in the Old Economy and convert to the New Economy and get the multiple.”

Not since Michael Milken ran riot with junk bonds in the 1980s has there been a financier who can raise billions as quickly as Jimmy Lee. As Milken did in the 1980s, Lee has taken the boring business of lending cash to the Forbes 500 and turned it into a vehicle for revaluing corporate America and beyond. Clients like his mantra: “We’ll write you a check.”

Jimmy Lee raised $30 billion in two weeks to help Olivetti in its hostile takeover of the much larger Telecom Italia–and pocketed $75 million in fees. Last summer he needed only 48 hours to round up commitments for $42 billion to help AT&T cut off a bidding war with Comcast to acquire Media One. In the fall he scratched around to find $5 billion for Nextel, a recovering wireless outfit, and $9.5 billion to help Allied Waste acquire Browning Ferris.

The next deals could be far larger. Size is no longer an obstacle to an LBO, Lee says. The biggest leveraged buyout on record is the $25 billion acquisition of RJR Nabisco 11 years ago. “We could raise $100 billion for a deal. And only we could do it,” Lee says in his quietly cocky way. How fast? “In a week, maybe two. This is the get-done house.” Then he offers a tantalizing tease: He has just assured one client that raising $100 billion for a cash bid “is doable. I can’t tell you who.” Our guess: telecom.

With a $100 billion war chest, an LBO firm could gobble up the combined assets of General Motors ($47 billion, not counting a takeover premium), B.F. Goodrich ($2.7 billion), Federal Express ($10 billion), Cabot Corp. ($4.6 billion), Borg-Warner Auto ($3.4 billion) and Georgia-Pacific Group ($6.1 billion). And once they bought these targets, the LBO houses would need Jimmy Lee’s help on exit strategies. More fees, just the way he likes it.

Why stop there? Lee says Chase can fund fire-sale forays into Japan, a buyout binge in Europe and the merging of Old Economy manufacturers and Web-savvy partners.

But could this debt spree go too far? It did, in Milken’s day; the junk market collapsed in 1990, during a mild recession. Lee’s loans are at lower rates, but they still drain cash and leave lender and client exposed. Despite a decade of stock-based mergers, the U.S. corporate economy now has $5 of debt for every dollar of cash flow. The 1999 default rate on corporate debt was 6%, 50% higher than it was in 1990 in the middle of the junk bond collapse.

None of this sounds healthy. What happens the next time the economy belly flops and a new flock of LBOs can’t keep their loans afloat? Lame loans will burden the books of every bank in the world. Except one, of course: Chase. That is because Lee is masterful at offloading the risks while preserving the fees.

He uses almost unlimited access to Chase’s prodigious, $400 billion balance sheet and AA credit rating to line up billions in loans in a few phone calls. He then offloads 90% of the risk to other lenders while hoarding 75% of the fees for Chase. Then the package can be sliced and diced and reconfigured as it moves through the Chase machine–high-yield and investment-grade bonds, derivatives and foreign-exchange trading, investment banking, private equity. At every step Chase skims another fee.

No wonder his clients call him Jimmy Fee. For every $1 billion he raises, Chase collects up to $20 million. “Jimmy hates letting anyone else in on the deal,” says Henry Kravis of KKR. “He wants to put Chase at the top of the league. There’s no such thing as, ‘Let’s split the fee.’ “

Chase has reaped the benefits commensurately. The once-tarnished lender to teetering Latin American nations has been restored to a new, dynamic financial scale. Earnings climbed 44% last year to $5.5 billion on $23 billion in net revenue (revenue minus interest expense), yielding a 24% return on equity. Bank of America had a return on equity of only 17.5%, Citigroup 22.7%. Chase has gained share in every capital-markets business every year since 1995, says Donaldson, Lufkin & Jenrette analyst Susan Roth. Lee’s unit–Global Investment Banking, which includes syndicated loans, bond underwriting, mergers and capital markets–thrives most. Chase ranks number one in syndicated loans with a 34% share, up from 20% in two years. Since the 1980s Lee’s unit has posted revenue growth at a compounded 26% a year, faster than any other part of Chase.

Lee’s engine powers other parts of the bank. Chase is tops in derivatives trading, global custody, U.S. dollars fund transfer and mortgage origination. It ranks second in foreign-exchange trading, third in investment-grade bonds, fourth in junk and sixth in merger advice in the U.S. In December Chase acquired Silicon Valley investment bank Hambrecht & Quist, a $1.4 billion deal initiated by Lee that merged Old Economy assets with New Economy intangibles, to great effect. In the first two months of this year H&Q handled $20 billion in tech financing, matching its total for all of 1999. “We used to have the wind in our face,” says Chase’s Donald Layton, a vice chairman and head of global markets. “Today we have the wind at our backs. We have scale. We have the platform.”

Lee’s fee machine is a result of a shrewd strategy: Merge three mediocre banks (Manufacturers Hanover, Chemical and Chase); focus on wholesale lending; and break into investment banking, the private equity business for Chase’s own account, and the dot.com world. Chase Chairman William Harrison gave him broad authority to build the loan business as a wedge into richer lines of financing. “Jimmy and I see eye-to-eye on virtually everything,” Harrison says. “I know there will never be any surprises. He is the best new-business man and risk-taker there is on Wall Street.”

Lee is driven. He talks on two cell phones at once, carrying spare batteries to ensure he won’t go a minute incommunicado. He rises in Darien, Conn. at 5 a.m., talks to his European bankers on the way to work, and is still on the phone to the West Coast on his way home after 8 p.m. “He makes clients feel he is working 110% for them all the time. He’s the greatest relationship banker I’ve ever seen,” says Richard Beattie, top partner at Simpson Thacher & Bartlett.

Yet Lee feels like an unwelcome outsider on Wall Street. His rise has triggered envy and resentment from rivals. “We’re trying to get in the club, and they keep posting No Vacancy signs,” Lee says. “The club didn’t want me in.”



Antoine Gara , FORBES STAFF


Continued from page 2

Lee was born in Danbury, Conn., where his family owned the Lee Hat Co. (sold to Stetson for a song), the local newspaper (sold to the Ottaway chain) and radio station owner Berkshire Broadcasting Corp. (still intact; Lee is president and his 80-year-old mother, Mary Lou, is a director).

Young Jimmy’s world toppled when his father died of a heart attack at 47, the age he is now. “It was traumatic. I was only 11 years old and I had to figure out what I had to do by myself,” he says. “I’ve always felt I had to overcome the odds.” He threw himself into sports at private Canterbury School, then Williams College, offsetting any shortage of skill with hard work. “I was never the most talented guy on the team, but I have a passion for overachievement. You can make yourself over.”

His career in banking started by fluke. At Williams in 1975, his girlfriend had a job interview scheduled with the old Chemical Bank, but couldn’t make it. Worried about his lack of direction, she insisted he go in her stead or lose her affections. He went, landed the job and got the gal: He married Beth Brownell in 1979, and they have three children.

Lee started at Chemical (then derided as Comical for its lameness) in 1975, 23 years old and earning $10,500 a year. At 26 he transferred to Australia, opening a merchant bank and hiring 100 people. Three years later, in 1981, he returned to New York and went to work for William Harrison, Chase’s future chairman. Harrison, nine years older than Lee, became Lee’s mentor, and they remain close. “I stay because of Bill,” Lee says. “I see him somewhat as a father figure.”


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The mentor’s first assignment: “He wanted to get into LBO lending if we could find a way to distribute the risk,” Lee says. He took up the challenge and started out with just himself, a desk and a phone. Today he oversees 3,000 people around the world. Early on he showed Harrison just how clever he could be. Until then banks would lend $100 million for a fee of 2%. To reduce risk, they’d pass on half the loan to another bank, giving that bank a 1.5% fee on its $50 million piece. This meant Chemical netted a $1.25 million fee on the risk of lending $50 million, a 2.5% return on risk. (Both banks also get interest, of course.)

The solution was selfishly simple to Lee: Break up the $100 million into ten parts, farm out $10 million pieces to nine other banks–and give them 0.5% fees on their pieces. Why would the other banks accept those terms. Lee: “Chase was the bank opening up a market for others to buy high-yielding assets. They want the paper, but they can’t create it themselves.” When Chase can syndicate on these terms, it’s left with a $1.55 million fee on a $10 million credit exposure, a 15.5% return on risk.

As junk-bond takeovers raged in the 1980s and companies strained under the debt service, Lee began to see syndicated loans as a way out. In a buyout of the Steak ‘n Ale chain in the mid-1980s he syndicated the loans but left the bonds to someone else. Then it struck him: Why not create two income streams? “We had the credit knowledge. I realized it could be used to create the loan as well as the bonds, and collect two fees. Presto!”

The promise of one-stop shopping was even clearer by 1995, when Time Warner wanted to shed the Six Flags theme-park business. The buyout group needed capital, but junk bonds were a tough sell. LBOs had peaked at $75 billion total in 1989 but had fallen 80% a year later and hadn’t recovered. So in a 30-minute phone call with Time Warner, Lee reduced the junk-bond deal and plugged the gap with syndicated loans. “We did it easy, and one-stop shopping was here to stay.”

As junk fell further from favor, Lee and his loans emerged as the fixer for “911 financings,” as he calls emergency bailouts. When retail chains like Carter Hawley Hale, Federated and Macy’s filed for Chapter 11 protection in the early 1990s, Lee almost overnight arranged huge debtor-in-possession financings to keep the stores open. They were, in effect, syndicated loans tied to inventory, and somehow Lee convinced the Fitch rating service they were investment-grade.

In 1993 GM’s finance unit, GMAC, was having trouble rolling over $17 billion in short-term commercial paper. So Lee raised $20.6 billion–”every drop of loan capital in the world,” he says–by pledging the assets of GMAC Europe, Opel and other subsidiaries. And when Kmart needed a fast $5 billion in 1996, Lee arranged, with some difficulty, for the loans to be secured on inventories from manufacturers like Sony.

In the fall of 1998, when the world financial markets were falling apart and no one else could raise big money, Lee raised $8.5 billion for Seagram’s purchase of Polygram, $1.2 billion for KKR’s buyout of Willis Coroon, the blue-chip British insurance brokerage, and $1.7 billion for SPX’s purchase of General Signal.

“My instincts told me the market collapse was temporary. We made a conscious effort to step in where others couldn’t and wouldn’t,” Lee says.

But Lee has his share of losers. His bet on Iridium, the ill-fated satellite phone system put aloft by Motorola, has been a disaster. Iridium is in Chapter 11, leaving Chase and its syndicate with an 80% paper loss on an $800 million loan. “Iridium’s not over yet,” he vows.

Also, he raised $1 billion for DreamWorks, but got stuck with $400 million in exposure that he couldn’t lay off elsewhere. That position is down to $100 million today, but DreamWorks isn’t exactly burning up the box office.

Even when a deal flops, however, Chase rakes in multiple fees. Syndicated loans open the way for assignments to underwrite bonds or advise on acquisitions. These transactions, in turn, often require Chase’s expertise in derivatives and foreign exchange trading to hedge the currency risk in the bonds. Don Layton’s global-markets group handles this, and some $10 billion of the Italia Telecom takeover was financed this way. Chase Capital Partners, the bank’s $16 billion venture capital fund, also benefits from Lee’s operation. Its portfolio companies are financed through Chase and, to top off the cycle, Lee can take CCP’s clients public through H&Q.

This spillover has driven Chase from 30th to 6th in U.S. merger and acquisition counseling. It has pushed the bank’s high-yield presence from nowhere to number four. It also is one reason Layton’s division ranks number one in global derivatives and number two in foreign exchange trading.

“The Street does not understand that we are the largest raiser of debt capital in the world and a significant private equity investor,” says Marc Shapiro, vice chairman.

This setup worked brilliantly in a big cellular deal. Chase arranged financing for a $70 billion joint venture among GTE, Bell Atlantic and Vodaphone in the U.S. and got a big fee. Then Chase advised GTE on dumping some wireless properties to get regulators to approve the cellular threesome, grabbing another fee. Now Chase leads a $5 billion debt financing for the joint venture itself.

Harrison, Chase’s chief, sees a big missing link in this fee chain. He is determined to acquire a big investment bank–Goldman Sachs & Co., Morgan Stanley Dean Witter or Merrill Lynch, perhaps. “We’re constantly talking,” he says.

Then Jimmy Lee would be even better equipped to drive new deals. He doesn’t just want to finance LBOs of appliance and auto parts makers. He wants to engineer a combination of Old Economy and New Economy players.

“Take a big, branded company, down in the dirt, with lots of e-commerce opportunity,” he says, warming to the idea. Get an LBO client to commit part of the cash, then bring in a Yahoo or a Microsoft to add an equal amount of equity. And then? “I’d take the company private, build an Internet strategy, and then take the whole company public or monetize some of the subsidiaries with tracking stocks.”

The next flurry of dealmaking clearly rivets him. Buyouts beckon in Europe and, thereafter, in Japan. “That’s next. LBOs. Unfriendlies. The whole ball of wax!” Lee says in rapid-fire giddiness. Japan? “It’s a huge buy for the next decade. Could be massive. Buy your 50 favorite Japanese stocks, forget about them, put them away, give them to your children.”

And what then for Jimmy Lee? He gets job offers from buyout funds, Internet startups and money managers all too frequently. His $19 million in compensation last year was handsome enough, but he could make far more doing deals in Silicon Valley. He insists his own wealth isn’t the point. “Money does not drive me. What drives me is coming up with the next idea and building a business around it,” and then doing it yet again, he says.

Every Monday at 7:45 a.m., 300 Chase bankers gather in an auditorium in midtown Manhattan, and several hundred more around the world listen in by phone. The session, led by Lee, is equal parts progress report and pep rally, as they review pending loans, bond issues, mergers, stock offerings and tax matters. The Dow has been too strong lately, and Lee worries he is running out of time to grab the blue chips on his list. “The market’s bumped up, so let’s accelerate those 20 deals,” he tells his disciples one recent Monday. “Go get ‘em!”

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https://www.forbes.com/sites/antoinegara/2015/06/17/remembering-jimmy-lee-when-jpmorgans-star-dealmaker-graced-the-cover-of-forbes/3/#13744ea65edf

Jimmy Lee dies at 62; prominent JPMorgan investment banker
by E. Scott ReckardContact Reporter



The cream of the investment and corporate worlds gathered nearly a decade ago when JPMorgan Chase & Co. celebrated Jimmy Lee's 30 years in the banking business — a seemingly endless list of names including Henry Kravis, Stephen Schwarzman, Barry Diller and Jack Welch.

"They remembered how he stepped up and gave them what they needed to get deals done when no one else was there to help them," said Anwar Zakkour, a fellow investment banker who worked closely with Lee at Chase. "There was no bigger banker on Wall Street than Jimmy Lee."

JPMorgan Vice Chairman James B. Lee Jr., 62, known as Chase's "trillion dollar man," collapsed after suffering an apparent heart attack after exercising on a treadmill at his home in Darien, Conn. He was pronounced dead at a hospital.

Lee was one of the best dealmakers on Wall Street and helped take hosts of companies public, including General Motors, Alibaba, Visa and Facebook. He engineered high-profile mergers such as News Corp. with Dow Jones, and United Airlines with Continental. He was involved twice in deals affecting the Los Angeles Times, first when real estate mogul Sam Zell bought Times parent Tribune Co., and again when Tribune split into separate broadcasting and newspaper companies after Zell's debt-laden acquisition landed the company in bankruptcy court.

While working at Chemical Bank, a predecessor bank to JPMorgan Chase, Lee was the architect of the now common practice of banks providing enormous deal-financing loans to companies or investors while arranging to have dozens of other banks take on some of the debt, spreading risks too large for any one firm to shoulder.

There was no bigger banker on Wall Street than Jimmy Lee.
— Anwar Zakkour, colleague at Chase
"He helped build something that started as nothing into the leading loan syndicator in the country," said former Chemical Chief Executive William B. Harrison, who went on to become CEO of JPMorgan Chase.

In addition to creating the syndicated loan business, Lee founded a high-yield bond business at Chemical as well as an arm that catered to private equity firms, enabling the bank and later JPMorgan Chase to offer one-stop shopping for companies and investors seeking financing for mergers and acquisitions.

After JPMorgan purchased Bank One in 2004 and Bank One's Jamie Dimon became CEO of the merged bank, "He and Jamie became very close," Harrison said. "Jamie collaborated with him tremendously — not just as a banker, but as a guy who could help him think all kinds of things through."

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Dimon said in a statement that Lee had made "an indelible and invaluable contribution to our company, our people, our clients and our industry over his nearly 40 years of dedicated and selfless service."

"Jimmy was a master of his craft," Dimon said, "but he was so much more — he was an incomparable force of nature."

Born in Manhattan in 1952, Lee double-majored in economics and art history at Williams College before entering the banking world almost accidentally, when his wife decided to pass on a job interview at Chemical Bank and he went instead.

With his successes, Lee inevitably was courted by other firms and had agreed at one point to join Schwarzman's firm, the enormous asset manager Blackstone Group, before Harrison talked him out of it. Zakkour said he often teased Lee by saying he must have regretted not taking a job that would have made him a billionaire twice over, but Lee replied: "No — I love my job here."

Survivors include Lee's wife, Elizabeth; daughters Alexandra and Elizabeth; and son James.

scott.reckard@latimes.com
Twitter: @ScottReckard

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PMorgan Chase on Monday appointed its top lawyer, Steve Cutler, to fill the vice chairman position left empty by the death of Jimmy Lee last month.

The move is indicative of the bank’s increasing focus on legal and regulatory issues.

Cutler has been the general counsel since 2007 — just as the financial crisis was beginning — and has overseen some of the bank’s biggest legal headaches, from the 2012 “London Whale” fiasco in which JPMorgan lost $6 billion on bad trades, to the $13 billion settlement with the Justice Department the next year for its role in the economic collapse.

The 47-year-old lawyer will be replaced by Stacey Friedman, the general counsel for JPM’s corporate and investment bank, according to a company announcement.

“In the face of enormous pressures and challenges, he has been the consummate lawyer and General Counsel — handling all that has come before him with great judgment, integrity and professionalism, and all with a relentless focus on doing what’s best for the firm,” Jamie Dimon, the bank’s CEO, said in a statement.

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http://nypost.com/2015/07/07/jpmorgan-replaces-the-late-jimmy-lee-with-its-top-lawyer/