One of the largest bears in the bull market is departing from JPMorgan.
A JPMorgan strategist who was caught off guard by the stock market rally is resigning from the investment firm.
Marko Kolanovic, the bank's chief global markets strategist and co-head of global research, is leaving to pursue other opportunities, according to a source.
Dubravko Lakos-Bujas will become the sole head of global research, while Hussein Malik will serve as chief markets strategist.
Despite correctly predicting a stock market rebound during the Covid-19 pandemic, Kolanovic has been consistently bearish over the past two years as the market has reached new highs.
JPMorgan's year-end prediction for the S&P 500 is 4,200, which is lower than the predictions of all other major firms in the CNBC Market Strategist Survey. JPMorgan's prediction is attributed to Lakos-Bujas, who worked under Kolanovic.
The stock market index, S&P 500, has gained over 15% this year and ended above 5,500 on Tuesday.
News of Kolanovic's departure was first reported by Bloomberg News.
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