Corrie and Kyriakos-Saad latest to quit JP Morgan

John Corrie and Fawzi Kyriakos-Saad, who currently head equity and credit respectively at JP Morgan in London, have joined the mass exodus of investment banking staff that have left the bank in the past 12 months.

The pair are set to leave the dealer after a major management shake-up that will see JP Morgan’s regional management structure of its entire capital markets product range replaced by global teams and strategies.

JP Morgan officials moved to place the departures in a favourable light, saying Corrie and Kyriakos-Saad chose to quit as there were “no seats big enough” for them following the restructuring.

Poor trading results in the last quarter of 2005 have raised further questions about the investment bank’s strategy. Especially as the weak results came at a time when the other dealers reported strong growth.

A JP Morgan official said the restructuring was not a direct reaction to the fourth-quarter results, saying it had been planned as long ago as last summer.

The restructuring will see Don McCree, formerly deputy head of risk management for the group, brought in as head of global credit. Patrik Edsparr, head of Americas trading, will now head rates and securitisation products, while Carlos Hernandez, who runs origination and distribution in the US, will be global head of equities. David Puth, who already runs currencies and commodities on a global basis, will also run emerging markets.

JP Morgan said each of the new global heads would be drawing up a detailed restructuring plan over the coming weeks. A regional structure will remain for the investment, mergers and acquisitions and client-based businesses.

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