JP Morgan restructures equities business

Hernandez assumes the additional responsibility of running JP Morgan's cash equity business, following the departure of the previous cash equities head, Mino Capossela, who was recently fired by the firm, according to a JP Morgan official.

In this new position, Hernandez will be responsible for overseeing the whole of the North American equities business, while his former role as global head of equity capital markets, which focused on all non-cash equities business, is eliminated.

A spokesman for JP Morgan said that the move was part of the bank's overall strategy to streamline its equity business areas. John Corrie and Fraser Partridge continue to head the London and Asian equities businesses respectively.

All three report to Steve Black, global head of equities.