Tomorrow, J.P. Morgan will report its second quarter results. CFO Marianne Lake will deliver the numbers in her estuary British accent and we will find out how well the fixed income currency and commodities (FICC) division has performed after a good first quarter.
In the meantime, it seems that J.P. Morgan has been doing a little hiring. The UK’s Financial Conduct Authority (FCA) Register reveals various additions to the FICC business in London over the past month, most of whom seem to be mid-ranking staff from elsewhere.
For example, David Eagle has joined from Deutsche Bank. Eagle previously spent seven years at the German bank and is joining JPM’s FX trading business. Milo Chen has joined from Barclays. Chen is an algorithmic trading professional who’s joined JPM’s commodities algorithmic trading team. Victor Houlet has joined from ED&F Man, the commodities broker. Houlet spent four years at ED&F Man, where he was a junior structured products trader. And Anthony Man has joined from HSBC, where he was a fixed income derivatives trader.
The new hires follow a 20% like-for-like increase in fixed income revenues in the first quarter compared to the previous year. M&A revenues at JPM rose by 42% in the first quarter, but the bank has only made one experienced M&A hire: Harriet Terry joins from Barclays, where she was an AVP in the TMT investment banking group.
J.P. Morgan didn’t immediately respond to a request to comment on the new hires. The US bank is in the process of making $2bn of annual cost cuts by 2017. This might explain the absence of any big-name hires in London since May.