People: David Puth, Global head of foreign exchange and managing director of credit and rates, JPMorgan Chase
Some of JPMorgan's foreign exchange staff in London were bound to be unnerved when they heard that the big cheese from New York was moving across the Atlantic.
They must have wondered what they were doing wrong, or possibly right, to trigger this extra involvement from David Puth, the bank's global manager of foreign exchange and commodities. Was he arriving to decide which resources to add in Europe, or which to cut? Was he planning to shake up the London management team?
Puth, who is also a managing director for the bank's credit and rates division, was already well known in the London office, having spent one week out of four there for over a year. Now he is turning that travel pattern around.
Puth is quick to quell concerns that his arrival signals a change in direction. "We can shift resources at any time we see opportunities," he says. "A move like mine takes time, and we are looking for opportunities to further invest in our European activities. But that does not represent a strategic shift. We are aggressively building in north America and Latin America while we maintain a strong presence in Asia."
Central advantage Perhaps the main advantage of being based in London is that Puth can talk to colleagues and clients in Asia, Europe and the US on the same day.