JP Morgan has hired a senior equities trader from Credit Suisse to head its US cash equity trading team, and has made a number of internal moves as it looks to complete the reshuffle of its equites team, The TRADE understands.
Matt Mallgrave joins the US bank after serving just over a year as head of Americas equity flow trading at Credit Suisse. Prior to that, he was one of Goldman Sachs most senior equities trader, leading its US cash high-touch trading team.
In addition to Mallgrave, JP Morgan has promoted Michael Bossidy, previously head of Americas equities sales, to become head of cash equity sales globally.
Luiz De Salvo, previously global co-head of cash equities trading, will relocate to London to take on a wider role as head of EMEA cash equity sales and trading. De Salvo takes on added responsibility for European equities trading following the planned departure of Laurent Marquis to Citadel Securities in June.
As a result of De Salvo’s relocation, Dennis Fitzgerald will become the bank’s sole head of cash equity trading globally.
It has also named Ryan Holsheimer as its new head of Asia Pacific cash equity sales and trading, and will join JP Morgan’s management team.
The hiring of Mallgrave and its broader reshuffle comes as a major boost to its equities trading business, which moved up in Coalition’s investment banking rankings to joint second with Goldman Sachs in equities trading.
Building out its electronic equities trading unit has become a major point of focus for JP Morgan, with Europe at the epicentre of its ambitions. With MiFID II set to push more equity trading from dark venues on to more transparent ‘lit’ platforms, banks are boosting their electronic capabilities.
At its investor services day Daniel Pinto, its CEO of investment and corporate banking (CIB), reported record revenues in prime brokerage and equity derivatives.
“No doubt about it, we were late to the game when it came to investing in low-touch, electronic trading about a decade ago. But by taking advantage of our profitability and committing ourselves to significant, ongoing technology investments, we now are a leading equities franchise and are driving the changes of tomorrow,” wrote Pinto in a letter to shareholders.