Dag Skattum has left J.P. Morgan as co-global head of M&A, having worked for the firm for the last 21 years.
He is going to TPG in a highly unexpected move, despite there being rumours in April that Klaus Diederichs, JPM's head of investment banking for EMEA, was leaving the bank.
Those rumors have so far turned out to be false.
Jimmy Elliott will now become global head of M&A for JPM.
Larry Slaughter, head of the bank's European financial sponsors group, and Hernan Cristerna, will become European M&A co-heads, while Karen Simon will take over Slaughter's previous role.
Cristerna was previously global head of consumer M&A at the bank.