It has been reported that JPMorgan Chase has hired veteran investment banker Michael Flynn to lead its newly created small-cap investment banking division. The appointment, detailed in an internal bank memo, indicates the firm is further expanding its investment banking coverage to include smaller corporate clients.

The new small-cap investment banking unit will serve as a downward extension of the bank's existing middle-market investment banking business, which typically covers companies with an enterprise value of approximately $5 billion to $20 billion. The new division will focus on serving even smaller enterprises, primarily those with an enterprise value of around $1 billion to $5 billion.

Michael Flynn brings over 25 years of experience in investment banking, corporate development, and private equity. Prior to joining JPMorgan Chase, he served as a Managing Director at G2 Capital Advisors. In his new role, he will be based in New York and will be responsible for leading the build-out and development of this new business line.

In addition to Flynn, the new team includes Arash Farin, who joins from Centerstone Capital and will serve as a Managing Director in Los Angeles, and Jamie Eastham, who will take on the role of Executive Director. The small-cap investment banking division will establish hubs in Atlanta, Chicago, Dallas, Los Angeles, and New York. Initially, the unit will concentrate on diversified industries, consumer and retail, and business services.