JP Morgan Chase & Co. has named its next level of business managers, following the earlier announcement of Chase’s Don Wilson and JP Morgan’s Bill Winters as joint heads for Credit & Rate Markets. A spokesperson says the bank is “hoping and working towards” the end of the year to finalise the merger, pending regulatory and shareholder approval.
Within the Fixed Income division, the combined bank has created two main business lines: Rate Markets and Credit Markets. The Rate Markets division includes FX, interest rate derivatives, commodities and government securities. Credit Markets includes bonds, syndicated loans, credit portfolio and structured products.
In the Rate Markets division, six business heads have been appointed. Chase managers have captured just two of the six slots, but it appears that, at least within FX, the Chase model of regionally based multi-product divisions has prevailed over JP Morgan’s global-by-product structure.
Chase New York’s David Puth is head of North American Rates (including sales, trading and research), while London-based Robert Standing will oversee the European Rates group (including sales, trading and research). Tokyo-based Bart Broadman, who currently oversees Rates Markets for JP Morgan, will head the Asian Rates group.
Global Books Trading will be run by William Parsley, which covers FX options, hybrids, commodities, municipal derivatives and alternative assets. He is currently with JP Morgan in New York.
David Pryde of JP Morgan New York will oversee exchange-traded futures and options.
Mark Werner, also of JP Morgan New York, will oversee global government bonds, agencies, mortgages and public finance, with co-responsibility for Money Markets. His counterpart with co-responsibility for Money Markets, is New York-based John Steinhardt of Chase. Steinhardt has also been named head of North American Credit Origination (sales, trading and research), and co-head of Asset Backed Securities, within the Credit Markets division.
The Credit Markets division has five business lines with three co-heads. Steinhardt’s ABS counterpart is Bill Demchak of JP Morgan, who also oversees Credit Portfolio & Structured Finance (including commercial mortgage backed securities, credit derivatives and tax).
Credit Origination for Europe and Asia is co-headed by Bruce Carnegie-Brown of JP Morgan and Tom Canning of Chase. JP Morgan’s Fawzi Kyriakos-Saad heads the Credit group for Europe and Asia (sales, trading and research). Emerging Markets External Debt & Local Markets is co-headed by Jorge Jasson of Chase and Miguel Gutierrez of JP Morgan.
Don McCree of Chase London will be relocating to New York to oversee syndicated loans. He now runs the syndicated loan business in Europe and co-heads the investment banking division for JP Morgan.