by Baz Hiralal
In the wake of a $2 billion trading loss, J.P. Morgan Chase & Co. accepted the resignation of chief investment officer Ina Drew, who will be replaced by Matt Zames. Mike Cavanagh, CEO of treasury and securities services, will lead a team of senior executives to vet the investment process.
In a statement, CEO Jamie Dimon said Drew's vast contributions to the firm over the past 30 years should not be overshadowed by the recent events. Drew became CIO in February 2005, a year after the firm's $58 billion merger with Bank One Corp. Before that, she was head of global treasury from July 2003. She joined Chemical Bank in 1982.
Zames, currently co-head of global fixed income in the investment bank and head of capital markets in the mortgage bank, joins the operating committee and keeps his mortgage-related responsibilities. Daniel Pinto becomes sole head of fixed income.
Deutsche Bank AG hired five managing directors in equities.
Joseph Spinelli will arrive in August as head of North America cash equity trading, reporting to Thomas Patrick, head of equities for North America. Spinelli joins from Goldman, Sachs & Co., where he was a managing director and financial services sector head for equity trading. Prior to Goldman, he was the head equity trader at Ziff Brother Investments.
Brad Kurtzman will join in July as head of quantitative trading. He was most recently head of U.S. equity derivatives trading at Citibank NA.
Jeff Christian will join in July in equity derivatives sales from Credit Suisse Group, where he spent four years managing West Coast equity derivative sales. Prior to that, he was an executive director at Morgan Stanley, covering hedge funds and asset managers.
Jonathan Simon, equity derivative sales, will arrive in July from Citigroup Inc., where he was a managing director for eight years in equity derivative sales.
Zahid Biviji started in April in index flow trading. He joined from Bank of America Merrill Lynch, where he spent more than 10 years, most recently as head of U.S. single stock options trading.
Christian is based in San Francisco, while the rest work from New York.
Lloyds Banking Group plc will bring in Andrew Bester as CEO, wholesale. He is chief operating officer, consumer banking, at Standard Chartered Bank plc. Bester will arrive in the third quarter and join the group executive committee, reporting to CEO António Horta-Osório.
Investment management firm Quilter added Mark Macleod as chief financial officer, subject to regulatory approvals.
Macleod joins from Climate Change Capital, an investment manager and financial adviser specializing in the low carbon economy, where, since 2011, he has been CEO and CFO. He joined CCC in 2007. Prior to that, he was a partner and CFO for Europe and Asia with Cantor Fitzgerald & Co. Macleod previously spent 12 years with Dresdner Kleinwort, later as managing director and global head of finance for the investment bank.
Restructuring and governance lawyer Martin Bienenstock will join Proskauer Rose LLP along with partners Philip Abelson , Irena Goldstein , Timothy Karcher , Michael Kessler and Judy Liu. They join from Dewey & LeBoeuf LLP, where Bienenstock was chairman of the business solutions and governance department, chairman of the consumer financial services group and a member of the executive committee. Liu was a senior partner in the business solutions and governance department and head of the bankruptcy litigation practice.
In other Dewey defections, a four-partner corporate and litigation group from the firm has joined DLA Piper in New York. The group includes Berge Setrakian; Margaret Civetta, former managing partner of Dewey's Madrid office and co-managing partner of the Paris office; Kevin Walsh; and Gassan Baloul. Setrakian and Civetta join the corporate and finance practice and Walsh and Baloul join the litigation practice.
Also leaving Dewey & LeBoeuf for DLA Piper are partners Joseph Tato, Jonathan Siegfried, Andrianne Payson and Robert Alessi. Tato is Dewey's former chairman of global project finance and infrastructure and its Africa practice. Alessi is the former managing partner of Dewey's Albany, N.Y., office and global co-chairman of its environmental litigation practice.
Duane Morris LLP said Pierfrancesco Carbone joined the firm's corporate practice as a partner in London. Carbone comes in from Kirkland & Ellis International LLP and focuses on cross-border deals, particularly in private equity.
And in the next column:
-- J.P. Morgan Chase & Co. hires Jing Zhao as head, financial institutions group, emerging Asia.
-- Meanwhile, J.P. Morgan chief investment officer Matt Zames establishes a new leadership team, including naming Chetan Bhargiri as chief risk officer.
Duane Morris LLP said Pierfrancesco Carbone joined the firm's corporate practice as a partner in London.