We identified the 70 most powerful people at JPMorgan. Here's our exclusive org chart. JPMorgan is the biggest bank in the US and a bellwether for the global financial system. So when it comes to the bank's most senior leaders, and particularly those in position to replace CEO Jamie Dimon, Wall Street pays attention. Business Insider identified the lender's 70 or so most important executives. We compiled the list by speaking with current and former employees, competitors, and recruiters, focusing our search on the operating committee and an executive cohort one level down at JPMorgan's four business units. HERE'S THE LIST» Meet Karen Fang, who just landed a big promotion at Bank of America running a new trading team and is described by insiders as a rising star A relatively rare occurrence just three years ago in credit markets, billion-dollar trades packaged with hundreds of different bonds are now happening every week. In July, Bank of America went live with a new desk in its fixed-income division geared toward capitalizing on the growing trend of massive exchange-traded-fund and portfolio trades. The new team is being run by star executive Karen Fang, a Goldman Sachs alum who Chief Operating Officer Tom Montag recruited in 2010 to run a "SWAT team" called cross-asset solutions and strategies. Fang, who ran fixed income, currencies, and commodities sales in the Americas before the recent promotion, discussed the new team in a recent interview and explained why Bank of America believes it will help them win over clients and grow revenue. READ MORE HERE » We talked to 7 insiders about the $27 billion Refinitiv-LSE deal. Here's how one of the biggest data deals of the year came together. The London Stock Exchange has agreed to a $27 billion deal to buy the data provider Refinitiv, just a year after the company was spun out of Thomson Reuters by the private-equity firm Blackstone. The deal is being led by some of the biggest names in mergers and acquisitions in London, including Goldman Sachs, Morgan Stanley, and Evercore. A media report about the deal talks triggered a scramble to get in front of the news, followed by a final sprint of negotiations and legal work, with lawyers and bankers holed up in a London law office to hammer out specifics. Conditions were less than ideal. One person said a mouse was seen scampering across the law-office floor on at least two nights over a five-day period to get the deal done. "I am taking August off," one adviser said of the deal's announcement. "I'm exhausted." READ MORE HERE » Credit Suisse has started an informal hiring freeze — and it's a sign of just how tough the Wall Street job market is these days Credit Suisse has enacted an informal hiring freeze across some parts of its sales, trading, and research unit, according to people with knowledge of the matter. The Swiss bank has limited hiring in its research division to only analysts and associates, according to one person with knowledge of the matter. Hires for director and higher are being discouraged, the person said. On some teams, managers have interviewed candidates only to be told at the end of that process that they couldn't hire anyone because of an informal policy against it, two of the people said. READ MORE HERE» Seduced by WeWork's sky-high valuation, coworking firms have multiplied. A shakeout could see them merge, shutter, or specialize. As coworking grows more popular and attracts billions in venture-capital money, some experts say the field is getting too crowded, and the options in a shakeout may be to merge, shutter, or specialize. Coworking and flexible-office-space companies have been around for far longer than 9-year-old WeWork, and the industry has a history of mergers and acquisitions. An alternative to scaling up is finding a specific sliver of the market to serve, some industry experts said. READ MORE HERE »
Expects say the co-workspace market is getting too crowed and any shake out will likely result in mergers and closures. The company has been looking for a new location since last year when it announced plans to move its headquarters from downtown Toronto to an existing office building on King Street West near Spadina Avenue.