October 22, 2008 / 4:33 AM / 10 years ago

JPMorgan hires ex-Lehman execs to head global energy

SINGAPORE, Oct 22 (Reuters) - JPMorgan Chase & Co (JPM.N) has hired two senior ex-Lehman Brothers LEHMQ.PK employees to head its global oil trading and marketing divisions, according to an internal company note obtained by Reuters.

The note said that JPMorgan had hired Jeff Frase as its head of global oil trading, while Roy Salame has joined the bank as its head of global oil marketing. Both Frase and Salame will be based in New York.

The bank has been expanding in Asia and other regions, and recently made its first foray into physical oil trading.

JPMorgan added 50 people to its commodities and energy trading and investment team last year and is on track to hire a similar number this year, taking the strength of the total team globally to 450, Blythe Masters, the bank’s global head of commodities, told Reuters earlier this year.

It hired former Goldman Sachs banker Oral Dawe in May as managing director and CEO of its Asia commodities group.

Lehman Brothers filed for bankruptcy protection last month after collapsing from its exposure to risky subprime mortgage securities.

Earlier this month, sources told Reuters that Standard Chartered (STAN.L) had hired Arun Murthy, former Asia head of Lehman Brothers’ commodities team in Singapore, as its new global head of energy. (Reporting by Sambit Mohanty; Editing by Michael Urquhart)

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