JPMorgan’s Q1 results are out. More on this shortly.
In the meantime, the big news today is that Bruno Iksil is not the man to watch in JPMorgan’s newly notorious Chief Investment Office (CIO): it’s Achilles Macris.
Bloomberg says it was London-based Achilles who built the CIO office into the alleged powerhouse it is today. It says Achilles did this under Jamie Dimon’s, “close supervision.”
In today’s conference call, JPMorgan said the CIO manages a total portfolio of…$360bn, which is invested in high grade, low risk securities to hedge the banks’ overall exposures. Some of this portfolio has long been invested to hedge against the danger of a, “significant stress event,” said CFO Douglas Braunstein (Braunstein also said all the fuss about the CIO is a, “tempest in a teapot” and that every bank has one).
Who is Achilles? A Greek, he joined JPMorgan in 2006 from hedge fund Cardinal Asset Management, where he spent no more than a year developing single strategy hedge fund products. Before that, Achilles was head of global capital markets at Dresdner Kleinwort. Before that, he was head of FX trading at DK. Before that, he was a senior trader at Bankers Trust. And before that, he was a trader at Chase Manhattan. Having coming full circle to his original employer, in 2007 Achilles was promoted to the management committee at JPMorgan.
Other known items about Achilles include: that he has or had a 6 foot by 6 foot photograph of a missile in flight on the wall of his apartment; that he has a great knowledge of art, wine, politics and history; that he is an ‘idea generating machine;’ and that he likes to hire Greeks.
With regards to the last point, Bloomberg singles out George Polychronopoulos and Evan Kalimtgis, among the various hires Macris has made. Greek traders looking for new jobs know where to send their CVs.
Deutsche Bank wants to be more like Credit Suisse and UBS and will be significantly expanding its wealth management business. (Financial Times)
The EU wants big banks to hold quite crippling amounts of capital. (Bloomberg)
Beginning in 2007, Goldman began a program known as the Asymmetric Service Initiative (“ASI”), pursuant to which research analysts called a select group of priority clients to share information and trading ideas from the huddles. (SEC)
Do not bring a grenade-like novelty item mounted on a wooden plaque with a sign “Complaint Department: Please Take a Number,” to work if you work for Nomura in World Financial Centre II. (Bloomberg)
Lloyds is cutting 23 jobs at Scottish Widows. (Bloomberg)
Being director general of the BBC is worse than being an analyst in M&A. (Telegraph)
German civil servant boasts that he did no work for 14 years. (Telegraph)