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JP Morgan in management shake-up

JP Morgan Chase has announced the imminent departure of two senior executives as part of a management reshuffle.

John Corrie, head of European equities, will leave the US bank this year and Fawzi Kyriakos-Saad, head of European credit and global emerging markets, will also depart.

The reshuffle is part of a bid to promote the banks as a more global structure for capital markets product groups.

As such, Don McCree will head credit globally, Patrik Edsparr will manage rates and securitisation products, Carlos Hernandez will be appointed global head of equities and David Puth will be responsible for emerging markets.

Mr Corrie is also a director of the bank's joint venture with UK stockbroker Cazenove, JPMorgan Cazenove, which will not be affected with the shake-up, according to Reuters.

Meanwhile, the US bank has announced plans to create 100 new IT jobs at its Glasgow, Scotland-based European technology centre.