J.P. Morgan Chase, the world's biggest investment bank by revenue, has created a new management team to help it better serve Wall Street clients who increasingly want to trade with algorithms through electronic platforms.
The bank named Chris Berthe as its head of global cash execution with responsibility over teams that electronically match buyers and sellers of stocks, according to a memo exclusively obtained by CNBC. Dennis Fitzgerald will be head of global cash risk, which is dominated by stock trading departments where the bank uses its own balance sheet to help facilitate trades. The memo was sent Wednesday from equities trading co-heads Jason Sippel and Mark Leung.
The world of equities trading, which generates roughly $58 billion a year in revenue for Wall Street, has continued to shift to electronic platforms on the one hand, or to specialists in trading large blocks of stock and other scenarios requiring the bank's capital, Sippel said in an interview.