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January 8, 2013

Dimon confidant joins BlueMountain

A long-time lieutenant of Jamie Dimon has crossed the divide from JPMorgan Chase to BlueMountain Capital Management, one of the hedge funds that brought down the US bank’s trader dubbed the “London whale”.

Jes Staley was head of JPMorgan’s investment bank before moving to the more hands-off role of chairman at the division last year after accepting that he was not going to succeed Mr Dimon as chief executive.

BlueMountain participated in the same corporate credit markets as JPMorgan’s chief investment office (CIO), which last year racked up more than $6bn of losses on credit derivatives bets. The hedge fund was one of several to trade against the bank’s positions, making substantial profits.”
Read full Financial Times article here
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