Bill Demchak, who resigned last month from his position of global head of structured finance and credit portfolio, says he has not burned his bridges with J.P. Morgan Securities and associates say he could, if he decided to, come back to the firm after the summer. Reached at his home in Manhattan, the high-profile banker says he is on a sabbatical for an undetermined length of time. Chris Lemko, a spokeswoman with the firm, says management at the bank is encouraging Demchak to come back. Demchak says he wanted to take the summer off as he approached his 40th birthday with the intent of spending more time with his family. Someone at the bank, familiar with his move, says that Demchak, who has two kids, a boat and a house in the Hamptons, was offered a sabbatical as a way to accommodate his request to take the summer off. "He could be back four or five months from now," says this source. Demchak declined to indicate if he had such plans when the summer is over.
Lemko says that managing director Don McCree has been promoted to take on only a portion of Demchak's responsibilities as head of global credit management. The global structured finance role has been split into three pieces, she adds, that are being handled by Fawzy Kyriakos-Saad, John Steinhardt and Bart Broadman, the regional heads of credit market in Europe, North America and Asia, respectively.