JPeeMorgan Hires Only FTrash. Sporns Go Serve NS!

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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 3, 2009

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>JPMorgan expands commodities team

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JPMorgan Chase & Co said yesterday it had hired seven new staff for its commodities and energy sales and trading team as part of its Asian expansion, signalling the start of an industry upturn after a year of turmoil.

JPMorgan's move follows Bank of America Merrill Lynch's announcement on Tuesday that it had added five senior staff to its Asia-Pacific commodities team.
In an e-mailed statement, JPMorgan said it had appointed Justin Hyde as an executive director and head of Asia investor sales and structuring, moving from Barclays where he was head of Asia commodity investor solutions.
Subhramit Das, who has eight years of experience in derivatives sales and structuring, joins the bank as an executive director and senior commodities structurer from UBS.
Motoki Iida, from Morgan Stanley, has been named executive director and Japanese oil product trader, while Ken Leask joins as executive director and crude trader. Previously, Mr Leask was an executive director with Morgan Stanley.
Last month, JPMorgan's chief executive for the Asia- Pacific global commodities group, Oral Dawe, told Reuters the bank was looking to deepen its aggressive commodities market expansion by trading physical base metals and coal, and re-entering Australia after a five-year absence, with Asia the priority.
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</TD></TR></TBODY></TABLE>The bank has expanded its Asia-based personnel by 30 per cent over the past 12 months, helping swell its global ranks to 500, challenging entrenched giants Goldman Sachs and Morgan Stanley. JPMorgan had added some 50 people last year in commodities globally, with the total in Asia rising to 110.
David Max Seng Wang also joins the bank as an executive director and senior metals marketer from Goldman Sachs, where he spent the last eight years in the commodities derivative sales businesses for energy, metals and mining and agriculture. The bank also hired Damian Yang Meng Au as executive director and senior coal trader from Vitol Asia Pte Ltd, and Daniel Soong as executive director and senior oil derivatives trader from Credit Suisse. -- Reuters

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