JP Morgan breaks up currencies and commodities group

JP Morgan is to separate its currencies and commodities businesses.

Steve Black and Bill Winters, New York-based co-chief executives of the investment bank, have announced a plan to merge G-10 currencies with the bank’s rates business, while coupling emerging-market currencies with the emerging markets group. In an internal memo, they said the plan would allow the bank to “better manage common market risks and offer clients better coverage and execution”.

This means Patrik Edsparr, New York-based global head of rates, now oversees JP Morgan’s G-10 currencies business. Meanwhile, emerging-market head Daniel Pinto, who is also based in New York, takes charge of emerging-market currencies.

The reorganisation was revealed along with news that Rob Lichten, New York-based global head of foreign exchange, is to take a one-year sabbatical. Black and Winters said they would work with Lichten over this time to find him a new role at the bank.

The changes leave Blythe Masters, New York-based head of currencies and commodities, wholly focused on the bank’s global commodities business. Black and Winters noted that this area remained “one of our top investment and growth priorities”.