JPMorgan Shuffles Cash Equities Leaders With Rise of Electronic
(Bloomberg) -- JPMorgan Chase & Co., a year after it shuffled its cash equities leaders, did so again to give Chris Berthe oversight over many of its electronic businesses.
Berthe will take on a newly created role as head of global cash execution, global equities co-heads Jason Sippel and Mark Leung wrote in a memo to staff obtained by Bloomberg News Thursday. Dennis Fitzgerald, who was named head of cash equity trading in April 2017, will now be head of global cash risk, with oversight of businesses such as block trading where the bank uses its own money to facilitate client trades.
JPMorgan said in February that 89 percent of the notional value of client trades in cash equities were made electronically. The bank has used gains in technology to climb the ranks in stock trading, generating the third-most equities revenue among lenders in 2017.
“The new organizational structure and the people in it are perfectly suited to gain competitive share from the rapid evolution that is occurring all around us,” Leung and Sippel wrote in the memo.
The moves were reported earlier Thursday by CNBC.
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