oh i for got what about the one yesterday that got ran over
and the fbi dont think these people are be in killed really even some one as dumb as me can see they were snuffed
Blythe Masters to Leave JPMorgan Chase
Joe Amon/The Denver PostBlythe Masters, head of the JPMorgan Chase commodities business.
Blythe Masters, a top JPMorgan Chase
executive, and known on Wall Street as a pioneer of a complicated
financial product that played a starring role in the 2008 financial
crisis, is leaving the bank, the latest prominent departure from the
nation’s largest bank.
Ms. Masters, who headed JPMorgan’s
commodities business and spent almost three decades at the bank, intends
to take time off to mull “future opportunities,” according to an
internal memo on Wednesday.
The announcement on Wednesday comes on the heels of another loss for JPMorgan. Last week, Michael Cavanagh, a top lieutenant to the bank’s chief executive, Jamie Dimon, said he would leave the bank for private equity firm, Carlyle.
Before she leaves, Ms. Masters will spend the
next few months assisting as JPMorgan completes the sale of its
physical commodities business.
Wall Street banks have been seeking to exit
from trading physical commodities in the wake of regulations that rein
in banks’ abilities to trade for their own accounts. Last month,
JPMorgan announced that it had agreed to sell its physical commodities trading unit for $3.5 billion in cash to the Swiss trading firm Mercuria Energy Group.
Ms. Masters had faced scrutiny from the nation’s top energy regulator, the Federal Energy Regulatory Commission,
which accused JPMorgan last year of manipulating California energy
markets. Investigators with the agency had pushed the commission to
pursue an action against both JPMorgan and Ms. Masters, arguing that the
executive made “false and misleading statements” under oath.
JPMorgan, which vociferously disputed that
claim, struck a $410 million pact with the regulator in July. The bank
did not admit or deny the accusations of market manipulation, and the
regulator never charged Ms. Masters or JPMorgan.
In the 1990s, Ms. Masters was part of the JPMorgan team that developed credit default swaps, a derivative that played a role in the 2008 financial crisis.
In the memo announcing her departure, Daniel
Pinto, who heads JPMorgan’s corporate and investment bank, along with
Mr. Dimon, noted that Ms. Masters intended to “take some well-deserved
time off.”
Ms. Masters, who grew up in Kent, England,
and enjoyed horseback riding, seldom took a break, especially during her
early years in the bank’s London’s office, where she would work through
the summers.
Her toil paid off, though. Ms. Masters became
a managing director at 28, which at the time made her the youngest
woman in JPMorgan’s history to ascend to that spot.
During her tenure at JPMorgan, Ms. Masters
was largely credited with helping to build the bank’s commodities
business. Since joining the firm in 1991, she has held a number of
roles, including chief financial officer of the investment bank from
2004 to 2007.
In her latest role as head of the bank’s
commodities business, Ms. Masters has been working on the sale of the
unit. Last summer, JPMorgan announced its intention to sell the
business. At the time, the bank met with other potential buyers,
including Macquarie.
Still, JPMorgan was in advanced discussions last month with Mercuria, which was founded by two former traders from Goldman Sachs. Within the bank, as the sale was progressing, it remained uncertain whether Ms. Masters would depart with her team.
That question was put to rest on Wednesday.
In the memo announcing her departure, Mr. Pinto and Mr. Dimon applauded
Ms. Masters, noting she “has been a role model to many within the firm
as well, spending a significant amount of her time on issues related to
diversity, inclusion and philanthropy.”
Manuel Balce Ceneta/Associated PressBlythe Masters of JPMorgan Chase at a Senate panel in 2009.
Below is a copy of the memo from Mr. Dimon and Mr. Pinto:
After a remarkable 27-year career at J.P. Morgan, Blythe Masters, head of the Global Commodities Group and CIB Regulatory Affairs, has informed us of her intention to leave the firm, take some well-deserved time off and consider future opportunities. We are pleased that she will continue to assist the bank over the next few months to ensure a smooth transition of our physical commodities business to Mercuria.Blythe began her career with J.P. Morgan in 1987, when she joined the firm as an intern. Since then, she has held a number of important positions within the firm, including head of North American ABS and Global Structured Credit Products, head of Global Credit Portfolio and Chief Financial Officer of the Investment Bank. In 2007, Blythe was appointed to global head of Commodities and built the business into the industry-leading franchise it is today. Along with her commodities business responsibilities, she has also led the CIB’s response to the changing regulatory environment, helping us plan for new requirements across our entities.Blythe has been a role model to many within the firm as well, spending a significant amount of her time on issues related to diversity, inclusion and philanthropy. She has been an advocate for PRIDE, J.P. Morgan’s LGBT business resource group; the CIB’s Black Leadership Forum; the Susan G. Komen Race for the Cure and Breast Cancer Research Foundation; and has served as a mentor to many people throughout our organization. She has also been a visible leader for the financial industry, as chair of the Global Financial Markets Association (GFMA) and, earlier, chair of the Securities Industry Financial Markets Association (SIFMA).We will announce new leadership for J.P. Morgan’s commodities business shortly. In the meantime, please join me in thanking Blythe for her many contributions to the firm and wishing her well.
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