JPMorgan’s Emerging Markets Equities Banker McCulloch Quits

Aug 05, 2014 7:48 am ET

Aug. 5 (Bloomberg) -- Gordon McCulloch resigned as a managing director of JPMorgan Chase & Co.’s European emerging markets equity unit after more than four years at the U.S. bank.

McCulloch, a Russia specialist, departed last month after joining JPMorgan in January 2010 from Moscow brokerage Renaissance Capital, where he was deputy chief executive officer. He was previously managing director at Goldman Sachs Group Inc. in Russia.

“I will be back in a role in due course,” London-based McCulloch said in an e-mailed response to questions. “I am taking some time out with the family now.”

Kate Haywood, a spokeswoman for JPMorgan in London, declined to comment by e-mail.

JPMorgan’s Russia’s equities head Vladimir Bril and the equity sales head Alexey Kaminsky departed last month amid a round of job cuts, people with knowledge of the matter have said. The bank, which opened a representative office in Moscow in 1973, cut some jobs in equity trading and equity research in the Russian capital, said a third person. McCulloch said his departure wasn’t related to Moscow job cuts.

Equity and debt markets have seized up for Russian issuers since the annexation of Crimea earlier this year led to sanctions from the U.S. and the European Union against companies and Vladimir Putin’s inner circle.

U.S. investment banks in Moscow, led by JPMorgan, Citigroup Inc. and Morgan Stanley, earned $54 million in fees from advising on mergers and underwriting in the year to July 27, down 56 percent from a year earlier, according to data compiled by Freeman & Co., a New York-based consulting firm.

--With assistance from Ambereen Choudhury in London.