Changes at the top are the order of the day at JP Morgan, one of the world’s largest FX dealers, which has appointed two of its existing key personnel as co-heads of FX and emerging markets subsequent to the exodus of Mike Cavanagh two months ago, as well as embarking on an entire restructure of the senior executives which oversee its FX operations.
In addition to the appointment of new co-heads of FX, a memo was circulated to employees late last week according to a report by Bloomberg which was issued by James Kenny and Troy Rohrbaugh, both of whom are encumbant co-heads of global rates, foreign exchange, commodities and emerging markets, stating that Kanav Bhagat will become Global Head of Rates, having previously held the post of Head of US Rates Trading. Mr. Bhagat is filling a role that Mr. Rohrbaugh had commenced in 2012.
“This team will focus on monetizing the opportunities made available by changes in market structure and the competitive landscape while also continuing to aggressively grow our client franchise,” the co-heads said in the memo.
JP Morgan’s market share among the giants of institutional FX is indeed vast, however recently the multinational bank has made steps to diversify into the retail FX sector, having purchased an 11% stake in highly successful and efficient retail firm Plus500 recently.
Daniel Pinto, head of the corporate and investment bank for New York-based JPMorgan, named Mssrs. Kenny and Rohrbaugh co-heads of global rates, foreign exchange, commodities and emerging markets last month. Mr. Pinto is overhauling reporting lines across the division after becoming its sole chief following Mike Cavanagh’s move to private-equity firm Carlyle Group LP.
Furthermore, as another step in JP Morgan’s corporate reshuffle of its senior FX officials, Thomas Pluta, Global Head of FX Forwards Trading, will have added responsibility as Global Head of Short-term Interest-rate Trading, according to the memo. Pitts Robinson will assume the position of Global Head of FX Services to deliver FX products to clients, and Eddie Wen has been made Global Head of electronic trading for the four areas overseen by Mssrs. Kenny and Rohrbaugh.
Ms. Jury previously oversaw global foreign-exchange spot trading and Mr. Thakur ran rates and currencies in Asia, excluding Japan. Stephen Jefferies was named head of emerging markets and Europe, Middle East and Africa foreign exchange, reporting to Jury and Thakur, according to the memo.
Reporting to Mr. Bhagat will be Charles Bristow, who was named head of derivatives and liquid government bonds in Europe, the Middle East and Africa, and Carl Norrey, who will manage sovereign credit default swap trading and non-liquid European government bond trading.