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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.86 | -0.45% | 190.80 | 192.529 | 188.46 | 192.00 | 8,922,779 | 01:00:00 |
J.P. Morgan Chase & Co. is shuffling the ranks of its prime brokerage business, moving its global head, Teresa Heitsenrether, into a new role as head of the bank's custody and fund services business.
The bank named as her successor Jason Sippel, who headed equities trading for the Americas for J.P. Morgan since 2012 and previously ran equity derivatives trading for the Americas, according to an internal memo distributed Friday. Under Mr. Sippel, revenue for the Americas equities business grew more than 12% a year.
The reshuffle comes amid a sea change across Wall Street in the prime brokerage business, which is where banks execute and finance the trades of clients, including hedge funds. That business has come under pressure amid tougher capital requirements for banks, and in response banks have taken a number of steps, including culling clients they deem too unprofitable to support.
"Teresa has helped establish J.P. Morgan as an industry leader, overseeing significant growth while adapting to regulatory change," James Kenny, J.P. Morgan's head of investor services, wrote in the memo. The custody and fund-services business, which houses client assets and provides back-office support, "continues to be a core strategic priority" for the bank, he wrote.
J.P. Morgan is one of the nation's largest custodian banks. The personnel changes were earlier reported by Bloomberg News.
Ms. Heitsenrether has headed J.P. Morgan's prime brokerage business since 2012. Previously, she had built up the bank's prime brokerage business abroad.
Nick Rudenstine, the previous global head of custody and fund services, will be taking another role at the bank, according to a person familiar with the matter.
The prime brokerage business at other banks has also seen change recently in executive ranks. Several executives in Barclays PLC's prime brokerage are leaving to join other firms, The Wall Street Journal reported previously. That included Mark Bailey, the global head of treasury for Barclays's equity-financing business, who is expected to start at trading-firm giant Two Sigma Investments LLC in August. Credit Suisse lost its global head of prime services, Paul Germain, earlier this year to Stone Ridge Asset Management, and named Mike Paliotta, the co-head of equities for the Americas, as his replacement.
Write to Juliet Chung at juliet.chung@wsj.com
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