A JPMorgan shake-out

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.