FX people moves: JPMorgan in shock FX reorganisation – Rob Lichten
The market is buzzing with the rumour that Rob Lichten is leaving his position as global head of FX sales and trading at JPMorgan. Sources say that Lichten will leave the bank after taking a sabbatical, which seems a popular exit strategy at the bank. Adam Burke, former head of currencies and commodities, also took a long sabbatical when he left the bank at the end of January.
JPMorgan has declined to comment, but sources say that Lichten decided to move on after a planned reorganisation of the FX business area was unveiled. Apparently, FX will now be divided up between the bank’s emerging market and rates units.
One former JPMorgan trader said of the reorganisation: “That’s a step back for sure. I have been told that global FX was the red-headed stepchild of all the trading groups and the knives have been out for ages.”
However, another said the reorganisation did make sense and brought in some degree of logic to the alignment of the various components of the FX business.
Others say the move raises questions about Blythe Masters’ role. Masters became head of global currencies and commodities at the bank after David Puth suddenly resigned last November.