J.P. Morgan has lost a big name within its global equity derivatives team. Jason Cuttler, who spent the last two years at JPM after a lengthy career at Goldman Sachs, has left the bank and is currently on gardening leave, suggesting he’s been poached by another firm. Cuttler didn’t respond to a request for comment on where he’s heading.
At Goldman, Cuttler managed a tactical equity derivatives strategy team within its securities division. He spent 15 years in London before moving to New York in 2013, according to LinkedIn. He was named managing director in 2010. J.P. Morgan hired Cuttler away from Goldman Sachs in 2016 to build up its own global equity derivatives business, but it appears he is moving on after just two years. He spent his entire 15-year career at Goldman before taking an MD role at J.P. Morgan.
Equity derivatives has been a hot area in 2018, particularly at Goldman Sachs, which has seen quite a bit of turnover recently. Several high-profile equity derivatives traders in London have left the bank this summer, including executive directors Francesco Taglietti and James Spooner in May. At least three other departures took place in June in EMEA, with insiders saying there was some disgruntlement over politics and pay – Goldman has been hiring and is reportedly paying new recruits better than the old guard, sources told us at the time. The firm also just poached a senior corporate derivatives executive from UBS in New York.
Elsewhere, Morgan Stanley, Bank of America and BNP Paribas are said to be building up their equity derivatives businesses in Europe. BNP just poached two equity derivatives salespeople from Goldman Sachs and J.P. Morgan. There may be more movement going on in equity derivatives than in any other area in investment banking.
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