
JP Morgan restructures credit and interest rate operations
RiskNews obtained a copy of the internal memo written by Bill Winters and Don Wilson, global co-heads of credit and rate markets. The memo portrays the reorganisation as part of the continuing streamlining process following the merger of JP Morgan and Chase Manhattan. “To streamline the firm’s wholesale credit businesses and align them more closely with our client activities, we will form a new global credit management group…which will include credit risk management (primary credit approval function); credit portfolio group (secondary risk management function); and corporate banking/credit and lending (the groups supporting primary, secondary and client activities).”
The memo also outlines JP Morgan’s proposal to integrate its interest rate products: “We will form regional interest rate businesses which embrace interest rate derivatives, government bonds and agencies.”
Mark Werner becomes head of North American interest rates, Rob Standing becomes head of European interest rates and Bart Broadman becomes the interest rate product head for Asia.
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