Exits of senior prime broking professionals at JPMorgan and BofA
It may be entirely coincidental but both JPMorgan and Bank of America have lost senior people from their prime broking consulting teams in London.
Coralie Yeo, the European head of business consulting at Bank of America in London, is understood to have left after seven years. And John Delaney, a senior member of the prime consulting team at JPMorgan in London is understood to have disappeared after nearly 10 years at the bank (preceded by 20 years at Goldman Sachs).
Both banks declined to comment.
It's not clear whether Yeo and Delaney left of their own volition or whether Delaney retired.
Prime broking consultants partner with banks' hedge fund clients to help with non-investment related issues like infrastructure and regulation. Although they help banks win and retain clients, they can be among the first people to be cut when revenues fall.
Prime businesses have been doing well, though, and are key to the all-important hedge fund market. UBS said its prime business did well in the first quarter, for example. Credit Suisse cuts its own prime business after losing money through its interaction with Archegos and its equities sales and trading revenues have withered ever since.
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