It's not just Deutsche Bank. It's not just Credit Suisse. It's not just Citi. And it's not just Morgan Stanley. J.P. Morgan has also been disassociating itself from staff since the Christmas period. The Financial Conduct Authority (FCA) Register suggests that around 10 people have left the bank, voluntarily or otherwise, since 22 December.
J.P. Morgan is reportedly due to pay its bonuses on 22 January, making the departures - many of which are of senior individuals who might be expecting large payments, helpful when it comes to saving money.
Who's gone? The FCA Register suggests that [efc_twitter text="James Lloyd, a JPM specialist salesman focused on the banking sector, officially joined SocGen on Boxing Day."] Others seem to have left without new homes in the UK banking sector to go to.
Those departures include: Rosalynd Bussey, an electronic client trader who'd worked for the bank for 21 years; Veenay Cheddha, head of capital structuring and liability management, who'd worked for the bank for nearly eight years; Amber Wilson, an associate in corporate finance; David Gregory, a rates trader who'd been with the bank for nearly 26 years; Jason Mann, a financial institutions group (FIG) syndicate banker; Andrew Oliver, an executive director, and Rupert Ford, an MD. Both Mann and Cheddha had reportedly been 'at risk' for months as J.P. Morgan retreats from the FIG debt capital markets business in Europe.
Why is everyone leaving? J.P.Morgan declined to comment. The departures are likely a symptom of the 'end of year syndrome' whereby banks clear out staff in the fourth quarter. It's also possible that the senior staff are taking pre-bonus retirement.