Power veteran Posoli returns to JPMorgan to manage commods sale -memo

NEW YORK, Sept 18 Wed Sep 18, 2013 3:02pm EDT

NEW YORK, Sept 18 (Reuters) - Power market veteran Paul Posoli has returned to JPMorgan Chase & Co. after a sabbatical to help advise on the bank's planned sale of its commodities business, according to an internal bank memo.

Posoli, who helped build a formidable gas and power trading division at Bear Stearns before it was bought by JPMorgan, will serve on the bank's management team in an advisory capacity. His previous role running the global gas, power, coal and emissions business will remain with John Anderson, the memo said.

"His decision to return, in and of itself, is a vote of confidence in the value of the business that we have built," according to the memo from global commodities chief Blythe Masters, a copy of which was seen by Reuters. Posoli is expected to be part of the new entity's management team after the sale.