JPMorgan reorganises teams
JPMORGAN Chase’s recently named investment bank head Jes Staley is putting his stamp on the unit with a reorganisation that combines its various fixed income businesses under two co-heads, according to an internal memo.
The move brings the bank, which last month reported a bumper $3.6bn (£2.2bn) third-quarter profit – largely driven by its fixed income unit – more in line with other Wall Street firms that group together their fixed income businesses.
Matt Zames, previously head of foreign exchange, rates, tax-exempt capital markets and securitised products, along with Daniel Pinto, previously head of credit and emerging markets, will co-head fixed income globally, according to the memo, which the bank confirmed.
Executives previously reporting to the head of global sales, Tony Best, will now report to Zames and Pinto. Best is in discussions with Staley about taking another role at the firm, the memo said.
The second-largest US bank will continue to have a separate fixed income exotics and hybrids unit, led by Venu Thirunamachandran, reporting to Pinto and Zames, Staley said in the memo.
As part of the reorganisation, Staley is establishing an 11-person investment bank operating committee that will meet weekly and include Pinto and Zames, he said in the memo.
The bank named Staley, former head of asset management, as chief executive of the investment bank in September as part of a wider management reshuffle.
The move saw the departure of Bill Winters, the firm’s London-based co-chief of investment banking.