From the outside it looks like one of the ritual JPM purges is underway after the departure of Bill Winters as head of the investment bank. However, one former employee says it’s more likely that the bank is engaged in one of its regular, five-year reorganizations.
The principal casualty appears to be Tony Best who was close to Winters and had risen to be global head of fixed income sales. Bizarrely FX reported into him, perhaps reflecting what one source called the bank’s belief that FX is a dead market. Best is in discussions with the bank about a future role, often investment bank speak for: “He’s off to count his money.” His role has been split between Daniel Pinto and Matt Ames. Sources suggest that the bank’s sales efforts will be split along product lines.