Abigail with attitude: Rise of opaque commodity houses

Abigail Hofman
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Another banker whose surname begins with “M” hit the headlines in April. Blythe Masters, the veteran JPMorgan banker, left the US firm.

Forty-something, Blythe is part of the commodities clear-out on Wall Street. Some would say that is a harsh epitaph to a gilded career. Masters, after all, was the youngest female managing director at JPMorgan and made her name as one of the pioneers of the credit default swap market.

In 2006, Masters stepped up to run the bank’s commodities operation, which expanded...