Perry leaves JP Morgan

The head of JP Morgan’s investment bank credit portfolio group, Malcolm Perry, has left the firm.

According to an internal memo viewed by RiskNews, Joe Holderness, formerly co-head of credit portfolio trading, has taken over from Perry in New York.

As head of the group, Holderness has direct responsibility for managing the retained credit risk arising from JP Morgan’s loan book and derivatives counterparty credit risk.

The departure of Perry – a 12-year JP Morgan stalwart – has prompted a minor reorganisation at the firm. Christine Kamil, head of the collateral risk management group, will now report directly to John Hogan, a managing director in the firm’s risk management division.

The memo states that this change in reporting will facilitate coordination with the firm’s country risk and concentration risk groups. All other credit portfolio group managers will report directly to Holderness. The precise reason for Perry’s departure is unknown. He was not contactable, and JP Morgan declined to comment on his departure.