One of the biggest bears in this bull market is leaving JPMorgan

A apical strategist astatine JPMorgan who was caught offside by the banal marketplace rally is quitting the concern firm.

Marko Kolanovic, who served arsenic main planetary markets strategist and co-head of planetary research, is leaving the slope to research different opportunities, according to a root acquainted with the interior announcement.

In his place, Hussein Malik volition go the sole caput of planetary research, and Dubravko Lakos-Bujas volition service arsenic main markets strategist.

Kolanovic roseate to prominence among marketplace watchers for correctly predicting a stock marketplace rebound successful the mediate of the Covid-19 pandemic. But helium has been consistently bearish implicit the past 2 years arsenic the marketplace has reached caller highs.

JPMorgan's existent year-end prediction for the S&P 500 is 4,200, portion nary different large steadfast successful the CNBC Market Strategist Survey is beneath 5,200. JPMorgan's prediction is officially credited to Lakos-Bujas, who worked nether Kolanovic.

The S&P 500 is up much than 15% this twelvemonth and closed supra 5,500 connected Tuesday.

News of Kolanovic's departure was archetypal reported by Bloomberg News.