J.P. Morgan Chase & Co. (JPM) announced a reorganization of its corporate and investment banking division on Wednesday, organizing it into two units and shifting the decade-long head of its equities business to run a restructured arm catering to institutional investors.
The corporate and investment bank, which was recast in late July as part of an overhaul in the wake of the bank’s $5.8 billion trading loss on credit derivatives, will now be divided between banking and market and investor services. An internal memo announcing the changes was sent out by Mike Cavanagh and Daniel Pinto, who were named co-leaders of the division at the time.
The moves are the latest in a series of reshufflings throughout J.P. Morgan, the nation’s largest bank with $2.3 trillion in assets, since top executives acknowledged mounting losses from the wrong-way derivative trade. Though the losses occurred in a different division than the investment bank—the once-sleepy Chief Investment Office—it has resulted in cascading organizational and management changes.
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