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Jpmorgan Chase & Co (JPM) Financial News - Wells Fargo Hires JPMorgan’s Rana, Lee to Start Program Trading

Jpmorgan Chase & Co (JPM)

Wells Fargo Hires JPMorgan’s Rana, Lee to Start Program Trading

Quote: JPMorgan Chase & Co. (JPM)Elise WilkinsonChris Johnson, 40, who will start the program-trading sales group this month. They’re among 25 executives hired across sales and trading in the past 18 months, bringing headcount to about 150. index funds, said Christopher Bartlett, the division’s chief. Program traders handle transactions in baskets that contain at least 15 stocks -- for instance, to help managers of index-linked mutual funds rebalance holdings. “We have worked on adding a number of capabilities to our equity franchise in an effort to become more relevant to our institutional and corporate client base,” Bartlett, 50, said in a phone interview. “These employees will give us an ability to do a deeper dive into the electronic-trading space with a subset of clients that we weren’t penetrating before.” Matthew Brown, head of cash trading, who joined San Francisco-based Wells Fargo in May 2009 from Bank of America Corp. and reports to Bartlett. ‘Low-Touch Trading’ NYSE Euronext. Banks are competing to hire traders and other executives with expertise in program and automated trading, said Adam Kahn, managing partner at Odyssey Search Partners, a New York-based executive recruiting firm. “The world’s going more electronic,” Kahn said in a phone interview. “Volumes are down in the equity-options and cash- equities businesses and a lot more of the orders are coming in on the low-touch trading side.” Goldman Sachs Group Inc. (GS)Morgan Stanley (MS), which was the most active program-trading firm during the week ended July 22, moving 455.5 million shares. Wells Fargo wasn’t among the top 20. Institutional Investors Stamford, Connecticut- based research firm and a former Lehman Brothers Holdings Inc. program trader. “The question for Wells Fargo is how are they going to attract clients? It will be up to them to differentiate themselves because t...
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