JPMorgan just announced a big shakeup in its trading business

JPMorgan has hired Matt Mallgrave from Credit Suisse to head its cash equities trading in the Americas and made several other senior staff changes as part of a push to strengthen in cash equities.JPMorgan has said it wants to expand in cash equities, which is the only major area of investment banking it is not in the top three positions, according to analysis firm Coalition. Coalition ranks it between four and six in the business.JPMorgan said on Monday Mallgrave will join in June from Credit Suisse, where he was head of Americas equity flow trading since April 2016. He was previously at Goldman Sachs for 17 years, where he had senior roles in cash equities in the US and Asia.The bank said Dennis Fitzgerald, previously global co-head of cash equities trading, will become sole head of the business.His previous co-head, Luiz de Salvo, will relocate to London and become head of EMEA cash equity sales and trading.Tim Johnston will continue as head of EMEA Cash Equity Trading, reporting to de Salvo locally and to Fitzgerald globally.Mallgrave will report to Fitzgerald.JPMorgan had to adjust its senior equities team in September after Tim Throsby, its head of equities, left to run Barclays' corporate and business bank. The US bank named Jason Sippel and Mark Leung as co-heads of equities, and made a series of other appointments, including making Fitzgerald and de Salvo co-heads of cash equities trading.Throsby built up JPMorgan's equities business, including cash equities, where it was late to invest in its electronic trading platform. The bank is in the top three for equities, helped by leading positions in derivatives, but said it needs to continue its push in cash equities to break into the top three - - currently Morgan Stanley, Goldman Sachs and Bank of America Merrill Lynch.The bank announced other changes. Michael Bossidy, previously head of equities sales for the Americas, will expand his role to become head of cash equity sales globally.Ryan Holsheimer, previously head of cash equity sales for Asia-Pacific, will become head of cash equity sales and trading for the region.On the derivatives side, Bregje de Best and Sreenivas Jayaraman will expand their roles to become co-heads of APAC equity derivatives sales and marketing.Join the conversation about this storyNOW WATCH: Scott Galloway: The big 4 have created enormous wealth by tapping into our most basic instincts
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