April 24, 2020 / 5:22 PM / a month ago

MOVES-JPMorgan names new leaders in wholesale payments division

NEW YORK, April 24 (Reuters) - JPMorgan Chase & Co said on Friday that it hired a new head of payments from Bank of America, according to an internal memo seen by Reuters.

Hubert JP Jolly will oversee payables, receivables and clearing for JPMorgan's wholesale payments business, which moves more than $6 trillion around the world daily for corporate clients.

Jolly previously led global commercial banking, global transaction services and channels for Bank of America Merrill Lynch, where he managed business lines ranging from treasury and liquidity services to commercial cards, according to the memo, which was verified by a bank spokeswoman.

The bank also said it hired Sanjay Saraf as its new head of wholesale payments value-added services, a technology-oriented job that involves integrating products and services across the bank's global payments platform. He joins JPMorgan from mobile payments company YapStone Inc.

The hires come one day after the bank announced it was hiring the head of the cryptocurrency trading platform Bakkt, Mike Blandina, be its new head of wholesale payments technology.

Reporting By Elizabeth Dilts Marshall; Editing by Steve Orlofsky

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