Stephen Stonberg has joinedJ.P. Morgan Securities as a managing director in London to head up its credit derivatives effort in Europe. He joins from Deutsche Bank in London, where he was head of repackaging and portfolio swaps restructuring. A J.P. Morgan executive in London was uncertain whether this was a new position, or if not, who Stonberg replaced. Stonberg will report to Jonathan Laredo, the head of structured finance for Europe and Asia, and to Bertrand des Pallieres, head of rates marketing. Stonberg resigned from Deutsche Bank three weeks ago, according to a London asset-backed banker. Des Pallieres was on vacation and could not be reached for comment. Laredo did not return calls. J.P. Morgan's spokeswoman in London, Eileen Darko, declined comment.
Stonberg is known in the European structured finance and credit derivatives community as a top talent, according to a head of ABS at a rival dealer in London. At Deutsche Bank he reported to Rajeev Misra, global head of credit derivatives.