02/08/2024 – 20:23
Daniel Darahem, president of JP Morgan bank in Brazil, died this Friday, the 2nd, at the age of 51. He had been battling throat cancer for two years.
Darahem graduated in business administration from Fundação Getulio Vargas (FGV) in 1994. Three years later, he joined JP Morgan to work in the American bank’s mergers and acquisitions division, where he would remain for almost 27 years. Throughout his career, the executive worked in the bank’s offices in São Paulo, New York and Hong Kong, in areas related to the capital markets, technology and mergers and acquisitions.
Before assuming the presidency of the bank in Brazil, Darahem led the branch for equity capital markets (financial networks that help companies raise capital) in the Asia and Pacific region, in Hong Kong, where he lived from 2016 to 2020, returning to Brazil afterwards to assume the leadership of JP Morgan in the country.
Performance in the Country
It was during his tenure that JP Morgan decided to enter the Brazilian retail banking market in 2021 by acquiring a stake in C6. At the time, the American bank acquired 40% of the digital financial institution’s operations in what would be one of its investments focused on the digital transformation process in the financial sector.
At the time of the investment, the then president said in an interview with Estadão/Broadcast that the acquisition in the country was part of the financial institution’s plans regarding digital transformation. “We made the decision not to go into retail banking using the traditional model, but the digital model changes this strategic calculation,” he said.
Marcelo Kalim, founder and CEO of C6 Bank, described Darahem’s death as an early departure. “For me, it’s not just the loss of a partner, but of a friend,” lamented the CEO.
Like other high-ranking executives in the Brazilian financial market, Kalim said goodbye to his friend, reinforcing the professional profile of Daniel Darahem, remembered by the president of the digital bank as “a generous, intelligent, attentive, honest person and a talented leader”.
“In recent years, he has lent his clinical eye to our business. I feel privileged for the time we spent together and the exchanges we had. It is an irreparable loss for all of us,” Kalim emphasized in a statement.
Mourning in the financial market
The executive’s death was remembered by financial market executives on social media.
In a post on LinkedIn, the current president of Banco Itaú, Milton Maluhy Filho, mourned the death of the executive. The CEO highlighted Darahem’s performance in the market and his humane manner. “Humane, honest, caring and extremely respectful, he was an admirable friend and professional, who became CEO with a trajectory that helped raise the bar in the market. I send my sincere condolences to his family and friends, and also to the JP Morgan family at this difficult time,” wrote Maluhy Filho.
According to the president of Natura&CO, Fábio Barbosa, the CEO of JP Morgan in Brazil was a professional who worked to raise the standard of the Brazilian financial market throughout his almost 27 years of experience in the sector. “A friend and a great professional who raises the standard of the financial market, as well as a very active partner of the São Paulo State Symphony Orchestra (Osesp). He will be missed,” emphasized Barbosa.
Representing the Brazilian Federation of Banks (Febraban), the institution’s president, Isaac Sidney, expressed his regret at the death of his colleague from the financial sector and also a member of the organization’s board.
Sidney also recalled that Darahem was the only member of Febraban’s senior management who held positions in all of the entity’s highest governance bodies, which are the executive board, the board of directors and the advisory board. “With his extensive banking experience, Darahem has permanently contributed to the improvement of the Brazilian banking sector, being a fundamental presence in enriching and improving discussions on strategic issues in this industry, since October 2020, when he assumed the position of president of JP Morgan in Brazil”, said the president of Febraban, in a note.
‘Legacy of competence’
The Brazilian Banking Association (ABBC) stated that Daniel Darahem left a legacy of competence in the financial system. Throughout his career in the sector, the JP Morgan executive served as head of the ABBC board of directors, which regretted his departure and recalled his contribution to the organization.
“ABBC recognizes and appreciates Daniel’s dedication as a member of the association’s board of directors. His legacy in the financial market is marked by competence and commitment. We express our deepest condolences to his family,” ABBC said in a statement. “strategic,” he told the company at the time. Estadão/Broadcast.
Marcelo Kalim, founder and CEO of C6 Bank, described Darahem’s death as an early departure. “For me, it’s not just the loss of a partner, but of a friend,” the CEO said.
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