A six-strong group of interest-rate derivatives marketers to financial institutions resigned last week from J.P. Morgan soon after collecting their bonuses, according to officials familiar with the moves. It could not be determined by press time if the moves are related to J.P. Morgan's merger with Chase Manhattan. Several members of the team, which included specialists in marketing interest-rate derivatives to agencies, are believed to be heading for Credit Suisse First Boston. Others may be joining Lehman Brothers, according to a Wall Street rival. A spokesman for J.P. Morgan Chase, a spokeswoman for CSFB, and an official at Lehman declined comment.
The marketers include Kashif Zafar and Pradeep Jhanjee, both vice presidents. They could not be reached.
Two rival derivatives officials described the departures as a big loss for J.P. Morgan. "They got pummeled," one marketer commented. --Dan Wilchins
