Bertrand des Pallieres, European head of derivatives marketing at JPMorgan in London, has taken a leave of absence from the bank. Des Pallieres did not return calls and Sarah Oppler, spokeswoman at JPMorgan, declined comment.
Des Pallieres will be tough to replace, say industry officials, and it might be felt even more acutely given that it comes at the same as the exit of Andrew Palmer, global head of credit derivatives marketing in London, who also recently left the firm. Palmer, reached on his cell phone, declined comment.
Des Pallieres was given responsibility for derivatives marketing across asset classes following a reshuffle at the U.S. house (DW, 8/6), but his background is in interest rate and credit derivatives. Officials noted des Pallieres took time out from JPMorgan investment bank once before, to move across to LabMorgan, the U.S. house's e-business investment arm. An official close to the situation suggested des Pallieres may make a similar break this time, leaving all options open, including a return to JPMorgan. The reasons for Palmer's departure could not be ascertained.
In the traditional post-bonus season, headhunters say there is a buzz suggesting cost-cutting measures introduced by Jamie Dimon, president and coo, have changed the atmosphere at the top-tier derivatives house. Some JPMorgan watchers noted Dimon, who moved over from U.S. commercial bank BankOne after the merger, is reportedly averse to paying the huge bonuses once associated with top JPMorgan derivatives staffers.
