Chase's McCree and Hannam sidelined in JP Morgan merger

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Neither professional appears on the organisational chart released to staff this morning, copies of which have been obtained by Financial News. Both McCree and Hannam are understood to be negotiating for positions.

McCree, Chase's head of European and Asian syndicated finance and co-head of European investment banking, does not appear in any of the natural slots. McCree is considered something of a visionary in the loan market, having played a central role in Olivetti's spectacular leveraged takeover of Telecom Italia last year.

However, European and Asian credit sales, trading and research will be run by Fawzi Kyriakos-Saad, who retains the position he held at the old JP Morgan.

A slot remains vacant as head of European and Asian credit origination but it is likely to be contested.

While JP Morgan's head of European debt capital markets, Paul Hearn, quit to join BNP Paribas last month both of the bank's heads of global origination, Bruce Carnegie-Brown and Joe Cook, are based in London.

McCree is likely to square off against one or both of them for the origination responsibility.

The position is much the same in North America, where Peter Glystein, Chase's global head of syndicated finance, is but one of a series of claimants to the title head of credit origination, sales, trading, research, global head of syndications and asset backed securities.

Bill Demchak of JP Morgan will continue to run credit portfolio and structured finance. Interest rate and currency markets in Europe will go to Rob Standing of Chase.

Hannam, the former Salomon Brothers executive who built Flemings' highly-regarded equity capital markets business has likewise been sidelined.

Hannam is a veteran of the European ECM market, having worked in the market since it began with the privatisations of national monopoly industries in the UK during the 1980s.

European equity capital markets will be co-headed by Carlos Conde, who joined JP Morgan from Lehman Brothers in April, and by Bobby Banks, a rising star in Goldman Sachs's New York ECM team recruited by Chase in March.

Banks beat both Hannam and Michele Colocci, with whom Conde had shared responsibility for JP Morgan's European ECM team. Banks and Conde will report to Carlos Hernandez in New York. Hernandez, a JP Morgan official, remains global head of ECM.

European equities will be run by Nick O'Donoghue of JP Morgan.

The division of spoils in corporate finance appears to be more equitable. Klaus Diedrichs of JP Morgan will be head of European investment banking with James Downing of Chase as his deputy.

Walter Gubert, who will chair the global corporate and investment bank and who was formerly head of investment banking at JP Morgan, will be based in London.

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