NEW YORK — A trio of former JPMorgan Chase & Co. executives has formed an investment entity to target banks.
The venture, known as Encore Financial Partners Inc., counts Denis O'Leary, Stephen Rotella and Harry DiSimone among its principals, said people familiar with the matter. Encore will seek to acquire and manage banks with a focus on consumer lending and technology-driven, back-office functions because of its founders' experience, these people said.
Goldman Sachs Group Inc. is assisting Encore in raising a pool of capital, the people said. A spokesman for Goldman declined comment. O'Leary didn't respond to an interview request.
O'Leary spent 25 years at JPMorgan Chase and its predecessors, holding a series of positions, including chief information officer and executive vice president, before he resigned in January 2003. O'Leary headed Chase.com, the Internet incubator of Chase Manhattan; and later co-headed LabMorgan, a similar incubator at JPMorgan. Since 2003, O'Leary has acted as an independent consultant and served a stint at the Boston Consulting Group. He has invested his own money in early-stage companies.
Rotella joined Chase in 1987 and spent a large part of his career at the bank's mortgage-lending arm, Chase Manhattan Mortgage Corp., holding a series of positions, including president and chief executive. More recently he was chief operating officer and president of Washington Mutual Inc.
DiSimone worked at JPMorgan Chase and its predecessors for 30 years, holding executive positions in businesses including Chase's credit card, international consumer, retail bank and personal financial services units. He retired from the bank in 2008.