JPMorgan announces Steve Groppi's replacement

The bank''s regional treasury services will be headed by Alexander Caviezel, a 20-year JPMorgan veteran.

A few months after Steve Groppi's departure from Asia, JPMorgan has named Alexander Caviezel as head of its global payment, trade finance and treasury management business in the region. Groppi, who moved to London to take responsibility for the bank's treasury services in Europe, the Middle East and Africa, has been watching over Asia while a replacement was found. Caviezel will relocate to Hong Kong and take up the new job in September.

Caviezel is currently based in London and has been with the bank since 1983 when he joined Chase Manhattan Bank in Germany as an internal auditor. He then assumed a corporate finance role with Chase in Zurich before moving to Geneva to run structured trade finance before being made general manager of JPMorgan's Swiss branch entities.

Most recently Caviezel was business manager for treasury services in Europe, Middle East and Africa, and then assumed dual roles in trade and global product management. Among his recent contributions to the business, Caviezel developed a value chain management concept, which is now being adopted by JPMorgan's clients.

Commenting on the appointment, JPMorgan's global head of treasury services, Lori Hricik, said: "We are confident that we have assembled the strongest team in our industry in the Asia Pacific region. Alex's knowledge, entrepreneurial approach and experience significantly enhances the value we continue to bring to our clients in Asia."

The announcement about Caviezel follows some reshuffling of JPMorgan's treasury services team that occurred just prior to Groppi's departure. Notably, Michael Whitehead swapped his role as general manager for the region to become head of financial institution sales. Whitehead is focusing on building relationships with banks and financial institutions as well as non-banks such as fund managers and broker/dealers. JPMorgan launched its fund manager segment in Hong Kong last year and is expanding this initiative across the region. Whitehead has spent the last seven years in Singapore and Tokyo.