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JPMorgan Hires Guggenheim Executive to Boost Mid-Cap Tech Investment Banking

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JPMorgan Chase is bolstering its technology investment banking division with the addition of Mike Amez, a senior executive from Guggenheim Securities, according to an internal staff memo reviewed by Reuters. Amez is set to join the bank in September as Head of Mid-Cap Technology Services, based in Chicago.

In the memo, Global Co-Heads of Technology Investment Banking Chris Grose and Greg Mendelson said Amez brings a deep background in IT services, cybersecurity, and cloud infrastructure, with a career focused on building enduring client relationships in the fast-evolving tech landscape. At Guggenheim, he was a Senior Managing Director in its tech investment banking group.

Amez’s appointment is part of JPMorgan’s ongoing expansion of its technology banking franchise, especially targeting medium-sized tech companies, a fast-growing market segment. The hire comes just weeks after the bank added four senior executives from Goldman Sachs, Bank of America, and Lazard to strengthen its West Coast tech banking operations.

Already a dominant force in technology dealmaking, JPMorgan is sharpening its sub-sector expertise to maintain its lead, according to Dealogic data. The bank has recently played a central advisory role in high-profile transactions, including:

  • Global Payments’ $24.25 billion acquisition of Worldpay,

  • Turn/River’s $4.4 billion buyout of SolarWinds,

  • DoorDash’s $3.9 billion takeover of Deliveroo,

  • And CoreWeave’s $23 billion public listing in March.

JPMorgan’s continued investment in specialized talent suggests a clear strategy to deepen market penetration in niche but fast-growing tech verticals, especially as deal activity rebounds in select sectors like AI, cloud, and fintech.

Capgemini to Acquire WNS for $3.3 Billion to Boost AI-Driven Outsourcing Services

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France’s IT services giant Capgemini has agreed to purchase technology outsourcing firm WNS for $3.3 billion in cash, aiming to expand its portfolio of artificial intelligence (AI) tools for business process improvement, the company announced on Monday.

The acquisition will enable Capgemini to develop consulting services focused on enhancing company operations and cost efficiency through AI technologies, including generative AI and agentic AI, which it anticipates will attract substantial investment.

The deal values WNS shares at $76.50 each, a 17% premium over their closing price on July 3, excluding WNS’s financial debt. Capgemini’s interest in the India-based WNS, known for business process outsourcing (BPO) and data analytics, was initially reported by Reuters in April.

Capgemini CEO Aiman Ezzat highlighted that WNS’s “high growth, margin accretive and resilient Digital Business Process Services” would also strengthen Capgemini’s footprint in the U.S. market. WNS’s client roster includes major firms such as Coca-Cola, T-Mobile, and United Airlines.

In a media call, Ezzat noted that the acquisition would immediately open cross-selling opportunities in the U.S. and the U.K. The deal is expected to close by the end of 2025 and to be accretive to Capgemini’s revenue and operating margin from day one.

Despite the strategic rationale, Capgemini’s shares dropped about 5% after the announcement, making it one of the biggest decliners on Europe’s STOXX 600 index. Morgan Stanley analysts expressed concerns that the deal might restrict Capgemini’s financial flexibility and have limited immediate financial impact.

Analysts also cautioned that generative AI could disrupt the traditionally labor-intensive BPO market, potentially affecting Capgemini’s revenue and introducing new competitors. They noted the market might need more proof that WNS is the optimal vehicle for leveraging AI to transform BPO services.

India’s TCS Confirms No Systems Compromised in Marks & Spencer Cyberattack

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Tata Consultancy Services (TCS) stated that none of its systems or users were compromised in the recent cyberattack affecting British retailer Marks & Spencer (M&S), a client of over ten years.

At its annual shareholder meeting, independent director Keki Mistry said, “As no TCS systems or users were compromised, none of our other customers are impacted.” He added that the ongoing investigation into the M&S breach does not involve TCS systems.

This marks the first public comment from India’s largest IT services firm on the cyberattack. M&S did not immediately respond to requests for comment.

TCS provides technology services to M&S and secured a $1 billion contract in early 2023 to modernize the retailer’s legacy technology, focusing on supply chain and omnichannel sales improvements.

The cyberattack, disclosed by M&S in April, is described as “highly sophisticated and targeted.” It is expected to cost M&S approximately £300 million ($403 million) in lost operating profit, with online service disruptions anticipated until July.

Last month, the Financial Times reported that TCS was internally investigating whether its systems were used as a gateway for the cyberattack.

Mistry chaired the shareholder meeting, while Tata Group Chairman N Chandrasekaran was absent due to urgent matters related to a recent Air India plane crash in Ahmedabad, which killed 241 of the 242 passengers onboard.