- James Banghart, Matthew Greenberg to take on Rob Milam's role
- Milam left last month amid raft of departures, volatility
JPMorgan Chase & Co. promoted James Banghart and Matthew Greenberg to co-heads of emerging-market credit trading, replacing Robert Milam, who left last month amid volatility in the asset class and a raft of departures.
Banghart and Greenberg will report to Kevin Corgan and Sanjay Jhamna, who oversee credit trading for North America and Europe, Middle East and Africa, respectively, according to a memo to employees Monday. Greenberg moved from Hong Kong to New York to run the Latin America credit business after Nelson Minier, head of that group for three years, departed this month. Banghart is retaining his responsibilities as head of Asian credit trading, according to the memo.
Collapsing oil prices and China’s economic slowdown have hammered the bonds of emerging-market companies and countries over the past year, slowing issuance, curbing trading and eroding banks’ revenue. That’s forced Wall Street firms to eliminate staff, with JPMorgan cutting several senior traders and salespeople and losing a team to Nomura Holdings Inc.
Milam was an 18-year veteran of JPMorgan who ran the emerging-market corporate and sovereign-credit group from New York since 2011 and previously was co-head of North America credit trading.