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JPMorgan Hires HSBC Trader to Start Prime Broker in Africa

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JPMorgan Chase & Co. rehired a trader from HSBC Holdings Plc as the biggest U.S. bank sets up prime brokerage operations in South Africa for the first time.

Lebogang Moropa rejoined the bank this month in Johannesburg and will focus on “synthetic and cash prime brokerage and securities lending,” JPMorgan spokesman Patrick Burton said in an e-mailed response to questions. The hiring marks the first time JPMorgan has a “dedicated presence” for prime brokerage and equity finance in South Africa after previously offering the service from outside Africa, he said.