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A JPMorgan shake-out

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.

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