JPMorgan traders said cut, colleagues said to defect to rival

ezgif.com-resize (34)JPMorgan Chase & Co. cut several emerging-market credit traders, including global head Robert Milam, as volatility in the asset class bled into this year, according to people with knowledge of the moves.

Milam, an 18-year veteran of JPMorgan, ran the emerging-market corporate and sovereign credit group out of New York since 2011 and previously was co-head of North America credit trading. The 39-year-old managing director left last month after two senior London-based emerging-markets credit traders, Elie Pano and Dan Steeds, went in January, the people said, asking not to be identified discussing personnel.

The reductions are being compounded by defections. A group of emerging-market bond traders and salesmen left the New York-based bank for Nomura Holdings Inc. this month, people with knowledge of that move said this week. Brian Marchiony, a spokesman for JPMorgan, declined to comment on the cuts.

Source: Bloomberg

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