According to reports, JPMorgan's Chief Market Strategist and Co-Head of Global Research, Marko Kolanovic, is about to leave the bank, as disclosed in an internal memo.

Kolanovic was famous during his 19-year career at JPMorgan for his profound insights into the market. However, according to the memo, he is currently seeking new job opportunities. With Kolanovic's departure, Hussein Malik, Co-Head of Global Research, will assume the sole responsibility for the role of Global Research Head.

Although JPMorgan's spokesperson has kept silent on this matter, Kolanovic and Malik have not responded to requests for comment, but the change will undoubtedly attract widespread attention in the financial industry.

It is understood that Kolanovic has experienced some challenges in predicting the stock market. In 2022, even though the S&P 500 index fell 19%, he still insisted on a bullish stance, which was different from many Wall Street strategists who lowered market expectations at that time. However, when the market bottomed out and rebounded, his bearish turn caused him to miss the subsequent 24% increase in the S&P 500 index, as well as the 14% growth in the first half of 2023.

JPMorgan's strategy team, led by Kolanovic, has been unique among large Wall Street banks in consistently predicting a sell-off in the U.S. stock market. This stance is in stark contrast to other financial institutions such as Goldman Sachs, Citigroup, and Bank of America, which have steadily raised expectations. Among the banks tracked by Bloomberg, JPMorgan has set the lowest target price for the S&P 500 index in 2024, at only 4,200 points, while the current trading price of the index is much higher than 5,500 points.

Kolanovic's departure may have an important impact on JPMorgan's market strategy and global research team, while also providing insight into high-level changes in the financial industry for market observers. As he explores new career paths, the industry will closely watch who will take over the important role he leaves behind at JPMorgan and lead the team to meet future market challenges.