We’ve been hearing rumors about the JP Morgan reorganization for a while now. Word is that JP Morgan has overturned the old regionally based organization in favor of a global structure based around asset specific groups.
Now Traders Magazine has the details.
…the new head of global equities, is Carlos Hernandez. Until recently, the executive was in charge of origination and distribution of equities and debt securities in North America.
The changes have affected at least two other top execs. Patrik Edsparr oversaw trading of both equities and fixed income securities in North America. He is now global head of rates. John Corrie, in charge of European equities, had his job eliminated.
Other changes are in store for the 1,000-person strong equities group. Hernandez is expected to announce a new managerial line-up that may or may not include a global head of cash equities, say sources.
Now, Scott Harrington is in charge of U.S. sales and sales trading while Jim Brett runs U.S. cash trading. Dan Keegan was in charge of sales trading and co-head of electronic services. He just resigned to take a post at ATD.
JP Morgan Reorganization Takes Global Strategy [Traders Magazine]