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BlueMountain Recruiting JPMorgan Employees During Trading Loss Scandal

Feb 28, 2013
Jing Chen

A New York-based hedge fund firm that was involved in JP Morgan’s $6.2 billion trading loss last year reportedly tried to hire several of the bank’s employees months before the loss.

Reuters reported that BlueMountain Capital tried to recruit from the trading and risk management units of JPMorgan’s chief investment office in 2011 or 2012, however none of the employees left to work for the bank during that time.

Jes Staley, the former CEO of JPMorgan’s investment bank, would leave for a position at BlueMountain after the trading loss became public.

The article added that the sources who confirmed the development “did not suggest anything improper by the hedge fund.”

BlueMountain manages about $12.5 billion in assets 

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