J.P. Morgan has restructured its foreign exchange and commodities desks for the third time in seven months, with FX head Rob Lichten to step down, according to an internal document seen by Reuters on Wednesday.
Lichten's position as global head of FX sales and trading will not be filled and the bank said he is going on a sabbatical until the end of the first quarter next year.
The bank is to move its emerging markets foreign exchange operations into the wider emerging markets business reporting to Daniel Pinto, global head of emerging markets. The G10 foreign exchange business will be merged with rates to create a single business line reporting to Patrick Edsparr, global head of currencies and rates.
Blythe Masters, who assumed responsibility for commodities and currencies business in November, will focus exclusively on commodities. This marks the third change in J.P. Morgan's FX business since November, when David Puth, head of global currencies and commodities, resigned.