JPMorgan's JACK: Two Executives, One Shared Identity

John China and Andrew Kresse share a nickname at JPMorgan: JACK. It is the name they use when signing internal emails, a single identity for two executives who co-lead a team of more than 550 people focused on banking startups. The arrangement is unusual for a bank known for its hierarchical structure. The two say it works because of clear delegation and mutual trust.

China and Kresse split responsibilities by function rather than by client. China oversees the day-to-day operations and execution. Kresse focuses on strategy and long-term relationships. That division lets each operate without stepping on the other's decisions. "We don't need to check with each other on every call," Kresse said in a recent interview. "If it's in your lane, you own it."

The team they run sits inside JPMorgan's commercial bank, which serves companies from startups to mid-cap firms. The startup banking unit has grown rapidly as the bank chases fee income from venture-backed companies, many of which later go public or get acquired. China and Kresse have been with the bank for years, building the practice from a small group into a 550-person operation.

Delegation is the core of their system. Each executive has a list of direct reports, and those managers know which of the two to escalate to. The rule is simple: if the issue touches execution, go to China. If it touches strategy or external positioning, go to Kresse. That clarity prevents the confusion that often plagues co-leadership models, where subordinates get conflicting instructions.

Trust is the other pillar. China and Kresse have worked together for more than a decade. They finish each other's sentences in meetings and rarely disagree on major calls. When they do, they hash it out privately before presenting a unified front. "The team never sees us argue," China said. "They see a decision."

The shared JACK email identity reinforces that unity. Clients and internal partners see one point of contact, not two. The executives say it reduces confusion and makes the team feel like a single entity rather than a divided leadership.

For investors watching JPMorgan, the co-leadership model affects how the bank competes for startup business. Rivals like Goldman Sachs and Silicon Valley Bank also target early-stage companies. JPMorgan's scale gives it an edge in offering lending, treasury services, and eventual IPO underwriting. A stable leadership structure helps retain the talent that wins those mandates.

China and Kresse are aware that co-leadership can fail. They point to other banks where shared roles led to turf wars and paralysis. Their solution is to define boundaries early and revisit them every quarter. "If we start overlapping, we fix it fast," Kresse said. "The worst thing is ambiguity."

JPMorgan does not disclose revenue from its startup banking unit. The team's headcount growth suggests the business is a priority. The bank has added dozens of bankers in the past two years, targeting venture capital firms and their portfolio companies. China and Kresse say they plan to keep hiring, especially in technology hubs outside of Silicon Valley.

The two executives do not plan to change their model anytime soon. They see the shared leadership as a competitive advantage, not a compromise. "We get more done together than either of us could alone," China said. "That's the point of JACK."