JPM’s new-look credit unit primed for market uncertainty

Talking Heads 2023: Leaders of merged business explain plans for new equity-credit combo, and why bank’s “biggest opportunity” lies in direct lending

Credit: montage/Flickr/Håkan Dahlström/

This article is the first in a five-part series of interviews with people and firms shaping the future of the credit markets. The others are available here.

For years, the standard operating model for the markets business of an investment bank was to run a fixed income, currencies and commodities division, and a separate one covering equities.

But when JP Morgan’s long-serving credit head Guy America departed last year, the bank decided to buck convention and hand the reins to its head of

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