JPMorgan Chase’s loss is LionTree’s gain, as one of the lender’s foremost dealmakers, Jake Donavan, is pegged to leave the group to join LionTree, a telecoms and media-focused boutique advisory firm, according to a Financial Times report.

In his new role as the President of LionTree Europe, Mr. Donavan will be tasked with growing the firm’s European business whilst based out of London – one of the group’s marquee additions in recent months. Mr Donavan is the second senior hire by LionTree, having secured Louis Kenna from BNP Paribas last year.

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Big Banks Struggling to Hold Onto Top-Tier Talent

The move is also a blow to JPMorgan, which has found itself, like other lenders, unable to hold on to much of its top talent and personnel. While most of the big banks have cut jobs in a bid to restore profitability, the vast majority of departures have been in the lower ranks, relegated to back office or IT jobs. Still, foreign exchange (FX) desks, fixed income units, and other wealth management teams have all felt the pinch.

Mr. Donavan joins LionTree after recently being promoted to lead coverage of all industries for JPMorgan’s investment bank in Europe, the Middle East and Africa (EMEA) region. Overall, he spent over two decades with JPMorgan, part of a lengthy career that saw him in such areas as the US, Latin America (LATAM), and Europe.

The departure of Mr. Donavan will also pave the way for Harry Hampson, who will be succeeding Donavan. Mr. Hampson has been a JPMorgan mainstay since 1988. Mr. Hampson will continue in his position as head of the bank’s strategic investors group in the EMEA region.