LONDON, April 24 (IFR) - JP Morgan has hired Matt Mallgrave
from Credit Suisse to head its cash equities trading in the
Americas and made several other senior staff changes as part of
a push to strengthen in cash equities.
JP Morgan has said it wants to expand in cash equities,
which is the only major area of investment banking it is not in
the top three positions, according to analysis firm Coalition.
Coalition ranks it between four and six in the business.
JP Morgan said on Monday Mallgrave will join in June from
Credit Suisse, where he was head of Americas equity flow trading
since April 2016. He was previously at Goldman Sachs for 17
years, where he had senior roles in cash equities in the US and
The bank said Dennis Fitzgerald, previously global co-head
of cash equities trading, will become sole head of the business.
His previous co-head, Luiz de Salvo, will relocate to London
and become head of EMEA cash equity sales and trading.
Tim Johnston will continue as head of EMEA Cash Equity
Trading, reporting to de Salvo locally and to Fitzgerald
Mallgrave will report to Fitzgerald.
JP Morgan had to adjust its senior equities team in
September after Tim Throsby, its head of equities, left to run
Barclays' corporate and business bank. The US bank named Jason
Sippel and Mark Leung as co-heads of equities, and made a series
of other appointments, including making Fitzgerald and de Salvo
co-heads of cash equities trading.
Throsby built up JP Morgan's equities business, including
cash equities, where it was late to invest in its electronic
trading platform. The bank is in the top three for equities,
helped by leading positions in derivatives, but said it needs to
continue its push in cash equities to break into the top three -
- currently Morgan Stanley, Goldman Sachs and Bank of America
The bank announced other changes. Michael Bossidy,
previously head of equities sales for the Americas, will expand
his role to become head of cash equity sales globally.
Ryan Holsheimer, previously head of cash equity sales for
Asia-Pacific, will become head of cash equity sales and trading
for the region.
On the derivatives side, Bregje de Best and Sreenivas
Jayaraman will expand their roles to become co-heads of APAC
equity derivatives sales and marketing.
(Reporting by Steve Slater)