JPMorgan Chase & Co., the biggest U.S. bank, named Carlos Hernandez head of investor services and announced new leadership for the corporate and investment bank division formed in July.
Hernandez, who had run equities, takes over a business that combines the New York-based firm’s prime-brokerage, financing and securities-services units, JPMorgan said today in a memo obtained by Bloomberg News. Tim Throsby, who led equity derivatives, will take over as head of equities, according to the memo, the contents of which were confirmed by Jennifer Zuccarelli, a company spokeswoman. The Wall Street Journal reported the appointments earlier today.
JPMorgan shook up its top management in July following a $5.8 billion trading loss in its chief investment office, naming Daniel Pinto and Mike Cavanagh to lead the corporate and investment bank. That division combined the investment bank, corporate bank and treasury and securities-services units.
JPMorgan, which made more revenue from fixed-income trading than any other bank in the world last year, won’t have heads of fixed-income, a role previously held by Pinto and Matt Zames, now co-chief operating officer of the company. Troy Rohrbaugh will lead the rates, foreign-exchange and public-finance parts of fixed-income, while Guy America will run credit trading and Matt Cherwin will head securitized products.
Blythe Masters will continue to run commodities trading, and also will lead regulatory affairs for the corporate and investment bank, reporting to Barry Zubrow. James Kenny will head emerging markets and the special opportunities group.