Morning Coffee: J.P. Morgan shakes up its equities teams. Millennials switch from Jäger to yoga
J.P. Morgan is ranked first across IBD and fixed income currencies and commodities. But only second in equities. This is clearly unacceptable. The team has been shaken up.
In recent months, since Tim Throsby, the London-based former head of its equities business, departed to lead Barclays’ investment bank, J.P. Morgan has been shaking up its equities team. First, Mark Leung, the former head of equities in Asia and Jason Sippel, who led prime services in New York, were promoted to co-head the equities business.
Eight weeks later and they’ve just shaken up the ranks immediately below – and there’s a decidedly U.S. feel to the new team. Luiz de Salvo and Dennis Fitzgerald, co-heads of cash equities trading in the Americas, will now lead the business globally. Daniel Ciment, global head of the equities electronic trading in New York is reporting to them, but has also been handed responsibility for markets execution.
Fater Belbachir, who ran volatility trading in the Americas is relocating to London to head the business globally and Paul Brannan, U.S. head of prime brokerage and Jonathan Cossey, who leads the business in EMEA, will co-head it globally.
Given that U.S. banks are now dominating their European counterparts across IBD, equities and FICC, it’s no surprise to see the centre of power shifting. However, figures from research firm Coalition suggests that J.P. Morgan is number one in EMEA equities, and second in the U.S. and Asia.
Separately, if you’re dreaming of escaping the conservative shackles of a financial services career for a hedonistic lifestyle in a tech start-up job, you’re in for a disappointment.
Tech entrepreneurs used to congregate in exotic locales, talk about the best tech ideas and how to attract talent on a beach “half naked at 2am with a shot of Jägermeister in your hand”, says Bloomberg. These days, the focus is on…wellness. Straitened by Brexit, and the subsequent lack of funding and investment, London’s tech entrepreneurs are still gathering, but now they’re imbibing drinks like The Green Martian, promising “the ultimate power elixir”, taking yoga classes and practising mindfulness.
“We’re family, and we’re here to try to grow personally and professionally,” said Alex Hoye, one of the trip’s organizers. “If you are not at your best personally, you’re not going to be at your best professionally.”
Ex-BlackRock trader turned personal coach, Mark Lyttleton has pleaded guilty to insider trading: “I have experienced many highs (excelling at work) and lows (being arrested) and the understanding I try to share can be beneficial to people in all positions, in all walks of life.” (Bloomberg)
Bill Ackman is moving his hedge fund to plush new Manhattan offices with a tennis court (Business Insider)
Investment bankers need more than pep talks (Financial News)
Should Deutsche Bank and Credit Suisse merge their U.S. operations? (Dealbook)
U.S. banks and boutiques have won during the latest M&A boom. European banks have lost out (Financial Times)
Japanese banks are moving jobs out of the UK first. Mitsubishi UFG is shifting roles out to Amsterdam (Financial Times)
Chip Clingham, the co-head of equity sales trading at Credit Suisse, has left (Financial News)
Point72 Asset Management has a new way of assessing its employees (Business Insider)
Banks are offering to pay college loans in a bid to attract more millennials (Bloomberg)
84% of capital markets bankers think Brexit will hit UK financial services, but nearly 75% think London will remain the dominant European financial centre (WSJ)
Joseph Mauro, the Goldman Sachs partner of #KeepRunning fame, has some advice to those missing out at the bank this year (LinkedIn)
“I can say honestly, for the first time in my Wall Street career, I am not worried about the U.S. financial system.” (Bloomberg)