JPMorgan Shuffles Cash Equities, Hires Credit Suisse's Mallgrave
(Bloomberg) -- JPMorgan Chase & Co. is reshuffling executives in its global cash equities business as it seeks to become one of the world’s three-biggest stock brokers.
The firm hired Credit Suisse Group AG’s Matt Mallgrave to run the Americas cash equities trading division, according to an internal memo sent to staff and obtained by Bloomberg. Mallgrave will report to Dennis Fitzgerald, who was named sole global head of cash equity trading. Michael Bossidy was promoted to head cash equities sales globally, from his current role running Americas equities sales.
The largest U.S. bank has long sought to boost its market share in cash equities, and has been investing heavily in electronic trading technology. Cash equities is the only major business line where JPMorgan doesn’t rank among the top three investment banks, according to data from Coalition Development Ltd.
Luiz De Salvo, who was Fitzgerald’s co-head, will become head of cash equity sales and trading for Europe, the Middle East and Africa, a newly created role designed to better align the two units. Ryan Holsheimer takes up a similar role in Asia.
In a letter to shareholders in April, investment banking head Daniel Pinto said the firm was doing better than its peers in a falling market. Between 2014 and 2016, the cash equities revenue pool for the industry declined 18 percent while JPMorgan’s revenue only fell by 4 percent, boosted by a 31 percent jump in electronic trading volumes.