JPMORGAN Chase & Co is replacing its global prime brokerage chief Lou Lebedin just two months after he took over the job alone.
He is to be replaced by London-based Teresa Heitsenrether, 47, who has been the co-head of JPMorgan’s fixed income brokerage since 2008.
Lebedin, a 54-year old former Bear Stearns executive based in New York, had been co-head of the bank’s global prime brokerage since 2008, and had run the business solo since March when his London-based co-head was moved to a different role. It is understood he will remain at the bank.
The move follows big changes at the bank, which recently lost at least $2bn in hedging losses. It cleared out the entire senior team in its chief investment office (CIO) after Ina Drew, one of Wall Street’s most powerful women, quit.
JPMorgan declined to comment.
The firm, which strengthened its competitive position through the 2008 financial crisis, disclosed earlier this month that it had suffered trading losses of more than $2bn, giving ammunition to proponents of tighter rules on Wall Street.
But the change at the unit – which is part of the investment bank and provides loans and other services to hedge fund clients – was unrelated to the loss, or any other incident, and had long been in the works, said the source, speaking on condition of anonymity.