J.P. Morgan makes change to its prime brokerage business
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J.P. Morgan makes change to its prime brokerage business 28 May 2012New York Reporter: Mark Dugdale
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J.P. Morgan Chase & Co is replacing the head of its global prime brokerage business.
New York-based Lou Lebedin joined J.P. Morgan in 2008 as co-head of prime brokerage when the bank purchased Bear Stearns. He was named the sole head of prime brokerage in March.
It has been reported that the London-based co-chief of J.P. Morgan’s fixed-income prime brokerage unit, Teresa Heitsenrether, is replacing Lebedin.
She has been setting up the bank’s prime brokerage business for the EMEA region from London.
It is not clear what Lebedin's next role will be.
The bank disclosed earlier this month that it has suffered trading losses of more than $2 billion.
But it has been reported that the personnel change is unrelated to the loss and has been planned for some time.
J.P. Morgan has yet to respond to a request for comment.
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