Bloomberg - Feb 02, 2009JPMorgan Chase & Co (JPM)
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Jeremy Sigee
at
Citigroup Global"We'll put him to the test and find out whether he can or cannot do it."
The investment bank's goal for 4 billion francs in pretax profit, set by Johansson last May, won't be reached this year or even next, according to estimates from analysts including Citigroup Inc.'s Jeremy Sigee and JPMorgan's Abouhossein. Losing Market Share Ten months into Johansson's tenure, the new heads of the fixed-income unit, hired late last year, announced that further "radical change" is needed to return that business to profitability. UBS plans to exit the real estate and securitization, and so-called exotic structured products businesses, Carsten Kengeter and Jeff Mayer said in a Jan. 21 memo that didn't mention Johansson. Todd Morakis , who ran commodities, Sascha Prinz and David Sacco , co-heads of global rates, and credit head Chris Ryan will leave the bank, the memo to employees said.
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"We'll put him to the test and find out whether he can or cannot do it." <span class="sent"> The investment bank's goal for 4 billion francs in pretax profit, set by Johansson last May, won't be reached this year or even next, according to estimates from analysts including Citigroup Inc.'s <span class="analyst">Jeremy Sigee</span> and <span class="company">JPMorgan</span>'s Abouhossein. </span> Losing Market Share Ten months into Johansson's tenure, the new heads of the fixed-income unit, hired late last year, announced that further "radical change" is needed to return that business to profitability. UBS plans to exit the real estate and securitization, and so-called exotic structured products businesses, Carsten Kengeter and Jeff Mayer said in a Jan. 21 memo that didn't mention Johansson. Todd Morakis , who ran commodities, Sascha Prinz and David Sacco , co-heads of global rates, and credit head Chris Ryan will leave the bank, the memo to employees said.
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