J.P. Morgan has named Carlos Hernandez as head of investor services as part of the next phase of integration of its investment bank and treasury and securities services units.
The bank launched the corporate and investment bank division and announced a new leadership for that division in July. Hernandez, previously head of equities, will take charge of the business line combining the New York-based firms prime brokerage, financing and securities services units.
Tim Throsby will replace him as head of equities. Spokeswoman Jennifer Zuccarelli confirmed the appointments.
The management shakeup follows a $5.8 billion trading loss in J.P. Morgans investment division. Daniel Pinto and Mike Cavanagh were appointed to lead the corporate and investment bank division.
The heads of fixed income roles, previously carried held by Pinto and Matt Zames, will cease to exist. Zames becomes CO-COO.
Also in July, J.P. Morgan combined its agency business for securities and derivatives. The business, called ACCE, resides in J.P. Morgans Corporate Investment Bank (CIB) and spans teams from the former Worldwide Securities Services and Investment Bank. Headed up by Dinkar Jetley and Emily Pourtney, ACCE provides agency clearing, collateral management and execution for CIB clients across the buy-side and sell-side.
(JDC)