A top strategist at JPMorgan who was caught offside by the stock market rally is quitting the investment firm. Marko Kolanovic, who served as chief global markets strategist and co-head of global research, is leaving the bank to explore other opportunities, according to a source familiar with the internal announcement. In his place, Hussein Malik will become the sole head of global research, and Dubravko Lakos-Bujas will serve as chief markets strategist. Kolanovic rose to prominence among market watchers for correctly predicting a stock market rebound in the middle of the Covid-19 pandemic. JPMorgan's current year-end prediction for the S&P 500 is 4,200, while no other major firm in the CNBC Market Strategist Survey is below 5,200.

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Persons: Marko Kolanovic, Hussein Malik, Dubravko, Kolanovic Organizations: JPMorgan, CNBC Market, ., Bloomberg News