JP Morgan hires 50 for commodities teams

JP Morgan has announced 50 new hires for its commodities teams, focusing on energy and environmental products.

The bank has recruited Foster Smith, formerly at Deutsche Bank, as head of US power and gas trading. Also joining the US power and gas trading business are Matt Motley, formerly at Sempra Energy, as head of power trading; Jeffrey Stone and Win Russell, formerly at Deutsche Bank, as directors of US gas options trading and west power trading respectively; Robert Benson and Frank Ermis from UBS as directors of east power trading and west gas trading; and Peter Miller from Goldman Sachs as vice-president in west physical power trading.

JP Morgan announced four hires in global oil trading. Joining from Goldman Sachs are Kiru Rajasingam, head of global distillates trading; Simon Towns, director of gasoline trading; and Andrew Harrison, director of distillates trading. Michael Cundey joins from Barclays Capital as vice-president of fuel oil trading.

The bank said it is also planning an expansion into the carbon and environmental markets. Odin Knudsen, formerly an advisor to the World Bank, has joined as head of carbon strategy and business development. Kedin Kilgore joined as head of environmental products for the Americas from RNK Capital. And Bhavna Prasad and Tina Reine will join the environmental marketing team - Prasad from the bank's environmental affairs office and Reine from CantorCO2e/Climatewarehouse, an emissions offset broker.