FX people moves: More on JPMorgan’s reorganization – Light on Lichten
More information has emerged since the weeklyFiX broke the news of JPMorgan’s reorganization of its FX business last Monday and the departure of Rob Lichten on a sabbatical.
An internal announcement, sent to staff by Steve Black and Bill Winters, co-heads of the investment bank, confirmed that the bank is to merge its G10 FX and rates businesses and combine all its emerging markets into its wider EM platform. According to the announcement, the changes will enable the bank to better manage common market risks and to offer clients better coverage and execution. JPMorgan will streamline its organization by combining these teams and infrastructure to be more efficient, freeing up resources to focus on our growth areas in the FX/rates products.
The memo said that Blythe Masters will now be focusing fully on JPMorgan’s global commodities business, which it says is one of its top investments and growth priorities. It also confirmed that Lichten is off on a sabbatical through to the end of March 2007, adding that the management is working closely with him to find a substantial role with broad scope for him at the firm.