ONE of New York’s most powerful investment bankers has moved to London in a major coup for the City in its long-running rivalry with Wall Street.<\/p>\n
David Puth, global head of foreign exchange at JP Morgan, has transferred to the bank’s offices on London Wall after a review of its management structure.<\/p>\n
Puth, 47, is thought to be the most senior American executive at the bank to have made the switch across the Pond.<\/p>\n
As well as his role at JP Morgan, Puth is chairman of the Federal Reserve Bank’s Foreign Exchange Committee. He moved last month and has settled with his family in a rented house in Kensington, west London.<\/p>\n
Puth said the bank now draws more than 40% of its revenue from outside America – a figure that is steadily rising – with Europe the most important region.<\/p>\n
The rapid growth of hedge funds in London, where about a third of the world’s foreign exchange transactions are carried out, had also been a factor in his move.<\/p>\n
Puth said working from London had already given him a huge “time- zone advantage” over New York because of its location between North America and the Far East.<\/p>\n
“I can start the day with our Tokyo and Singapore offices,” he said. “That would have been just about possible in New York but not during trading hours – you just get a different feeling when you’re doing it during an active trading session.<\/p>\n
“Then I can sign off the evening with a conversation with New York.<\/p>\n
One great wish in life has always been ‘If only there were a couple more hours in the day’. Now I have a response to that – move to London.”<\/p>\n","protected":false},"excerpt":{"rendered":"
ONE of New York’s most powerful investment bankers has moved to London in a major coup for the City in its long-running rivalry with Wall Street. David Puth, global head of foreign exchange at JP Morgan, has transferred to the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1004","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=1004"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/1004\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=1004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=1004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=1004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}