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PNC Financial names BlueMountain's Feldstein to board
August 15, 2013 / 11:30 PM / 4 years ago

PNC Financial names BlueMountain's Feldstein to board

Aug 15 (Reuters) - PNC Financial Services Group Inc on Thursday appointed Andrew Feldstein, founder of hedge fund BlueMountain Capital Management, to its board of directors.

Before founding BlueMountain, Feldstein was head of structured credit at JPMorgan Chase & Co, where William Demchak, who is now PNC’s chief executive, also worked.

Feldstein is a graduate of Harvard Law School and worked at law firm Sullivan & Cromwell before going to JPMorgan.

In a statement, PNC’s chairman said that Feldstein “brings a reputation for innovation and additional risk management expertise to the board.” Banks generally are under pressure from regulators to add directors with expertise in financial risk.

BlueMountain profited last year from JPMorgan’s $6.2 billion “London Whale” derivative trading loss and then helped the bank to close the position.

In January, Feldstein hired Jes Staley, a former investment banking chief at JPMorgan, as a BlueMountain partner. .

Staley said at the time that he expected financial firms like BlueMountain to take on more trading of credit instruments from banks, which are being required to hold more capital to protect against losses.

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