JPMorgan Chase & Co. (JPM) Financial News - Wells Fargo Hires JPMorganâ€™s Rana, Lee to Start Program Trading
JPMorgan Chase & Co. (JPM)
Wells Fargo Hires JPMorganâ€™s Rana, Lee to Start Program Trading
2011-08-02 02:17:06Quote: JPMorgan Chase & Co. (JPM)Elise WilkinsonChris Johnson, 40, who will start the program-trading sales group this month. Theyâ€™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 divisionâ€™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. â€œWe 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,â€ Bartlett, 50, said in a phone interview. â€œThese employees will give us an ability to do a deeper dive into the electronic-trading space with a subset of clients that we werenâ€™t penetrating before.â€ 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. â€˜Low-Touch Tradingâ€™ 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. â€œThe worldâ€™s going more electronic,â€ Kahn said in a phone interview. â€œVolumes 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.â€ 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 wasnâ€™t among the top 20. Institutional Investors Stamford, Connecticut- based research firm and a former Lehman Brothers Holdings Inc. program trader. â€œThe 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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