JPMorgan is undergoing a series of personnel changes in its DCM division following the departure of five of its Hong Kong-based bankers. Three of the departures have been planned for some time, while two were unexpected.
Vice presidents Chris Gammons and Juhi Prasad handed in their resignations last week and are leaving the firm for undisclosed locations. Gammons had previously been doing general corporate origination, while Prasad was a leveraged finance specialist.
The most senior departure is that of managing director, Tong-Poh Tay, who specialised in situational finance and is leaving towards the end of June. His departure leaves just DCM head Marc Jones as the sole MD in the 45 strong regional team (including Japan and eight bankers in corporate derivative marketing).
The other scheduled departures are of vice presidents Ricky Dybuncio and Marc Lewell. Dybuncio, another originator, is planning on taking an extended leave of absence, before re-locating to another JP Morgan branch on the American West Coast.
Finally syndicate head Marc Lewell is planning to return to London where he has accepted a vice president position in DCM. In his place, Fergus Edwards is being transferred from the London syndicate desk. He will report to Chris Nicholas, head of Asian fixed income.
JPMorgan DCM team has had a busy 2004 year-to-date and rocketed back up the league tables after a fairly quiet 2003. The firm intends to announce a series of new hires shortly.