Bank One's Chicago-based convertible bond desk is being disbanded following the recent acquisition of the firm by JPMorgan. The desk is being cut as part of JPMorgan's plans to scale back overlapping businesses between the two firms, according to officials. Bank One's equity derivatives presence had been largely dominated by its convertibles activity, they added. Thomas Kelly, spokesman at Bank One in Chicago, did not return calls.
Among the recent departures are Chris Sewell, managing director in convertibles trading, who is heading to Incline Village, Nev.- based Zazove Associates, an independent investment firm with assets of over USD2.5 billion. Sewell, who confirmed the move, will trade convertible arbitrage. Meanwhile, Chris Maher, director in convertible sales, has joined CIBC World Markets in a similar role, while Eric Grant, a director in convertible trading, has moved to Morgan Stanley, both based in New York. They declined comment. It could not be determined whether JD Cronin, head of equity derivatives trading, or David Stowell, head of convertibles origination, both based in Chicago, will maintain roles in the new organization. Cronin declined comment and Stowell did not respond to messages.
