| Moctar Fall | ||||||
JPMorgan lost three senior emerging-markets bankers in one week. Those leaving are Miguel Guttierez, co-head of emerging markets credit and rate markets (with Jorge Jasson), Robert Priestley, head of the European emerging markets team, and head of origination for Latin America, Rachel Hines.
A shake-out has long been expected as the post-merger emerging markets division suffers from a lot of overlap. And the cost saves from not paying three expensive bankers will help in the continued downturn. The good news for the bank is that the three have not quit as a group, and at the moment are not heading to competitors.
Jasson is now in sole charge of capital markets, not an unexpected move.
The resignations of Hines and Priestley reflect a growing trend for former Chase people to be in charge in New York and former JP Morganites in London.
Guttierez was Hines’s boss at the old JP Morgan, but at the new firm Hines reported to former Chase man Moctar Fall, global head of emerging markets capital markets, and felt as if she were a rung lower than before the merger.
Priestley is a Jasson man, having worked under him for more than 10 years. But Chase bankers have had a hard time in Europe getting their JPMorgan counterparts to drop their guard, and some wonder whether Priestley fell victim to that. “Basically, Rob had a job with no role.” says a former colleague.
Not so, say those still at the firm. “Rob and his family want to move back to Australia,” says one. As for Hines, she also decided it was time to spend more time with her family. Hines is not being replaced, at least not just yet. Her responsibilities will be shared out among the team. But Modesto Gomez is moving over from New York, where he was business manager for the credit business, to take over for Priestley.
