Marko Kolanovic, JPMorgan Chase & Co.’s chief global market strategist and co-head of global research, is leaving the bank, according to an internal memo obtained by Bloomberg News.

Kolanovic, who has been at JPMorgan for 19 years, is “exploring other opportunities,” the memo stated. Dubravko Lakos-Bujas will lead market strategy and become chief market strategist, overseeing cross-asset, equity, and macro. Hussein Malik will be the sole head of global research.

Stephen Dulake and Nicholas Rosato will co-lead fundamental research, a new team that brings together credit and equity research.

A JPMorgan spokesperson declined to comment. Kolanovic, Lakos-Bujas, Malik, and Rosato didn’t immediately respond to requests for comment. Dulake declined to comment.

The move follows a disastrous two-year stretch of stock-market calls by Kolanovic. He was steadfastly bullish in much of 2022 as the S&P 500 Index sank 19% and strategists across Wall Street lowered their expectations for equities. He then turned bearish just as the market bottomed, missing last year’s 24% surge in the S&P 500 as well as the 14% gain in the first half of this year.

JPMorgan’s strategists, led by Kolanovic, have stood out among Wall Street’s megabanks in continuing to expect a selloff in U.S. equities, even as firms like Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. have steadily raised their outlooks. JPMorgan has the lowest 2024 target for the S&P 500 among banks tracked by Bloomberg at 4,200. The benchmark is trading above 5,500.

Kolanovic, who previously was at Bear Stearns, joined JPMorgan when it took over the firm in 2008. Prior to that, he was at Merrill Lynch, according to his LinkedIn profile. The strategist, once called “Gandalf” in the media after a series of prescient forecasts, came to the U.S. from Croatia in the 1990s to study at New York University and received a Ph.D. in theoretical physics in 2003.

Lakos-Bujas joined JPMorgan in 2010 after a role as senior researcher at Deutsche Asset Management, per his career history outlined on LinkedIn.

This article was provided by Bloomberg News.