JPMorgan Plowing Into Distressed-Debt Trading as Citi Retreats
- Biggest US bank is hiring, committing balance sheet to desk
- Company ‘has capacity and appetite’ to be No. 1, Sippel says
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JPMorgan Chase & Co. is making a play for distressed-debt trading dominance as rival Citigroup Inc. exits the market.
The largest US bank, which has long lagged behind its main Wall Street rivals in trading troubled debt, is hiring and committing more of its balance sheet to the desk in a bid to grab the No. 1 ranking, according to Jason Sippel, JPMorgan’s global head of equities, credit markets and public finance.