Jim Baldino will serve as head of credit portfolio management for the newly formed commercial bank and private bank at J.P. Morgan, when the merger with Bank One takes effect. The merger is expected to go into effect July 1, a Bank One spokeswoman said. Baldino said the biggest challenge he faces is that the commercial bank portfolio group is a new function for them. The group's strategies are still being formulated, he added.
Baldino is currently head of credit portfolio management for Bank One, where his duties include loan sales, trading and syndication. He will no longer be working on the sales and trading side and is voluntarily giving up his seat on the board of The Loan Syndications and Trading Association (LSTA). Baldino's group from Bank One will be divided up between his new portfolio management area and capital markets. He said it has not yet been decided who is going where.
Baldino will report to Don McCree, head of J.P. Morgan's global credit management group. Linda Bammann, chief risk management officer for Bank One and previously chairperson of the LSTA, will sit on the executive committee of the merged entity as the deputy head of risk. A J.P. Morgan spokesman referred calls to a Bank One spokesman.