In May, JPMorgan said goodbye to its global head of securities lending, Avi Stein. His departure was no surprise as there have been industry rumblings of his retirement for months. But his replacement was.
JPMorgan hired from outside the world of securities lending, choosing Sandie O'Connor. Hiring someone from outside the industry has obvious positives and negatives. On the positive side, it adds a new and fresh outlook on the business – a new set of eyes. The negative, of course, is this is still a relationship business, and someone coming in from outside does not have the long-term relationships with the beneficial owners and brokers. Of course, relationships can be made over time with a bit...
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