JP Morgan merges debt syndicate

IFR 2055 18 October to 24 October 2014
2 min read
Americas, EMEA, Asia
Alex Chambers

JP Morgan has combined its debt syndicate operations into a single team called global syndicate, run by Bob LoBue based in New York and Ryan O’Grady in London.

Guy America, Matt Cherwin, James Kenny and Troy Rohrbaugh stated, in an internal memo, that the rationale for the integration was a desire for closer co-ordination of the bank’s syndicate activities.

The corporate and investment bank is broadly moving towards a global structure under the leadership of Daniel Pinto, and establishing a global syndicate operation should allow it to be more closely aligned to the markets business.

LoBue and O’Grady retain their supervisory focus for the North American and international businesses, but now global syndicate incorporates a newly-formed team combining the supranational, sovereign, and agency business, which has been merged with covered bonds and financial institutions in Europe, Middle East and Africa.

This new regional set-up will be managed by Keith Price, formerly head of SSA syndicate. The European medium-term note desk is now also part of the new function.

The securitised products group syndicate run by Andy Cherna is also part of global syndicate, as is Asia-Pacific – which now includes Australian primary, alongside the Hong Kong and Tokyo fixed income operations, led by Simon Crisp.

In the message, JP Morgan stated that combining the platforms would help it deliver a better service to issuer and investor clients as well as co-ordinate better with partners in coverage, origination and markets. A source at JP Morgan said that the bank was also actively hiring senior bankers in CIB.

Price, Cherna and Crisp all report into LoBue and O’Grady, who respectively had leadership of debt syndicate in North America and international regions. Price and the EMTN desk will also report into Carl Norrey, who continues to run origination, sales and trading for the rates business.

Both LoBue and O’Grady report into Guy America and Matt Cherwin, heads of global credit, securitised products and public finance. James Kenny and Troy Rohrbaugh are co-heads of global rates, foreign exchange, commodities and emerging markets.