A top trader at Credit Suisse just quit to take a role at JPMorgan.
Matt Mallgrave, head of US equity flow trading at Credit Suisse, resigned today, according to people familiar with the matter. He is set to join JPMorgan, the people said.
Credit Suisse declined to comment. JPMorgan did not comment in time for publication, and Mallgrave didn’t return a phone call requesting comment.
Mallgrave was at Credit Suisse for a little over a year, having quit his role at Goldman Sachs in late 2015 to join the Swiss bank.
A Harvard graduate, Mallgrave was selected by the Toronto Maple Leafs in the 1988 NHL draft.
The equities business in which Mallgrave worked has been an area of focus for JPMorgan. Cash equities is the one business where the bank doesn’t rank inside the top three in industry revenue rankings compiled by Coalition, a data tracker.
Daniel Pinto, the head of JPMorgan’s corporate and investment bank, said at the bank’s February investor day that JPMorgan’s equities and prime finance business had increased its market share from 6.9% in 2010 to 10.1% in 2016. Cash equities revenues fell 4% from 2014 to 2016, while industry revenues fell 18%.
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