Denver, CO, 06/10/2014 (Stocksntrade) – JPMorgan Chase & Co. (NYSE:JPM) the banker which has been in the same bracket as other banks which are struggling with shrinkage in income trading, had more disappointing news to report.
It recent head of the Merger and Acquisition unit for Asia, Rob Sivitilli, has according to Reuters, put in his papers, for personal reasons. Sivitilli had taken over this post as recently as September 2012. The exit of this long time executive, with has been with the organization ever since 1996, had headed the post after it was newly created for operations covering Asia, which excluded Japanese region.
The post will now be headed by the Indian head of the investment banking unit, Rohit Chatterji.
JPM Stung By Trading Business Shrinkage
According to industry experts the major loser is the fixed-income trading business. FICC income which was reportedly at $22 billion in the first quarter is also lower by over 37% from the previous year. Additional data pouring from other bankers such as Citigroup, and Goldman Sachs too has indicated that this segment would be suffer higher in the second quarter as well.
JPMorgan Chase & Co. (NYSE:JPM) CEO, Daniel Pinto had actually set the ball rolling for a poor quarter ahead at the Deutsche conference talks. Talk of sluggish quarters by this leading bank’s decision maker definitely had the other players on a downward spiral on the stock market as well.
JPMorgan Chase & Co. (NYSE:JPM) downward spiral which was at its worst following the economic slowdown gained marginally to see another fall, thanks to the in-famous mortgage backed securities debacle.
Banks continue to be under pressure post the regulatory norms which saw many of the banking processes to on a squeeze. The bottom-line is the fact that all banks are restructuring its business in terms of cost structure as the new norms and rules demand it!