Top equities salesman quits JPMorgan for a boutique

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Top equities salesman quits JPMorgan for a boutique

A London-based veteran equity salesman has left JPMorgan for equity research and execution boutique Redburn.

Timm Schulze-Melander, who served as an executive director at JPM for eleven years, joined the independent equities brokerage firm earlier this month. 

At JPMorgan, Schulze-Melander led the sales coverage of the capital goods, auto, and aerospace and defense sectors in the U.S., Europe, and Asia. He was a top ranked salesman in the capital goods, autos, aerospace and defence sectors.

His exit from JPMorgan comes as banks have been struggling to make money in equities sales. This is thanks both to MiFid II and to the related increase in use of electronic trading systems.

A  recent report by JPM predicted that banks will reveal big revenues drops in equities sales and trading, fixed income sales and trading and equity capital markets (ECM) this year. The New York-headquartered bank was true to its own prediction. - JPMorgan's equities sales and trading revenue fell 14% in Q1 of 2019, compared to a year earlier. 

Redburn is one of Europe's best respected research and execution boutiques in Europe. For the financial year ended March 31, 2018, Redburn's revenues in Europe stood at €88m, although it made an operating loss of €596k.

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