John Lipsky was First Deputy Managing Director of the IMF from 2006 until November 2011. He was previously Vice Chairman of the JPMorgan investment bank. Lipsky earlier was JPMorgan's Chief Economist, and Chase Manhattan Bank's Chief Economist and Director of Research. He spent a decade at the IMF in the 1970s and 1980s, helping to manage the Fund's exchange rate surveillance procedure and to analyze developments in international capital markets.