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[rockmstockm]

Man Jumps To His Death From JPMorgan London Headquarters

Submitted by Tyler Durden on 01/28/2014 07:48 -0500

• Deutsche Bank
• Lehman
• Lehman Brothers

Early this morning, at JPM's 33 story high London Headquarters located at 25 Bank Street in Canary Wharf, a 39 year-old man jumped to his death after falling onto a 9th floor roof. The police, who were called to the scene at 8:02 this morning, said they are not treating the death as suspicious and no arrests have been made, suggesting the death was indeed a suicide. London Ambulance Service and London Air Ambulance attended but they could not save the man.

Bloomberg quotes Jennifer Zuccarelli, a spokeswoman for JPMorgan in London who said that “We are reviewing a very sad incident at 25 Bank Street this morning." The building and the surrounding area is “currently secure,” she said.

From Bloomberg:

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The 11-year-old skyscraper is 33 stories high, according to building-data provider Emporis. It was formerly the European headquarters of Lehman Brothers Holdings Inc., which filed for the largest bankruptcy in U.S. history in 2008.

The bank declined to identify the deceased person or say whether they worked for JPMorgan. The police are waiting for “formal identification,” they said in an e-mailed statement.

London24, which also notes that this is the second high profile banking death within just a few days after Deutsche bank announced its former executive William Broeksmit 58, was found dead in his home on Sunday, caught some tweets describing the incident:

and this from Bloomberg:

William Broeksmit, Former Deutsche Bank Risk Manager, Dies

William Broeksmit, a recently retired executive at Deutsche Bank AG (DBK) who worked at Merrill Lynch in the 1990s with Anshu Jain, now Deutsche Bank’s co-chief executive officer, has died. He was 58.

He died on Jan. 26 at his home in London, according to a memo to staff obtained by Bloomberg News. Deutsche Bank spokesman Michael Golden confirmed the contents, which didn’t give a cause of death. When asked by telephone about Broeksmit’s death, London police confirmed in a statement that a 58-year-old man was found hanging at an Evelyn Gardens address on Jan. 26. Police said they aren’t treating the death as suspicious. Golden declined to comment on the police statement.

“He was considered by many of his peers to be among the finest minds in the fields of risk and capital management,” Jain and co-CEO Juergen Fitschen wrote in the memo. They said Broeksmit was “instrumental as a founder of our investment bank” and called him “a dear friend and colleague to many of us who benefited from his intellect and wisdom.”

Broeksmit had two stints at Frankfurt-based Deutsche Bank, Europe’s biggest investment bank by revenue, first from 1996 to 2001, then from 2008 until his retirement last February. He worked as an independent consultant in the interim. When he rejoined thebank in 2008 it was in a newly created position, head of portfolio risk optimization.

Photographer: Krisztian Bocsi/Bloomberg

William Broeksmit had two stints at Frankfurt-based Deutsche Bank, Europe’s biggest...Read More

Risk Overseer

In 2012, as they prepared to take over as CEOs, Jain and Fitschen advanced Broeksmit’s name to become the new chief risk officer. The bank retreated on his nomination after German financial regulator BaFin raised concerns that Broeksmit’s lack of experience managing a large number of employees.

Stuart Lewis was named head of risk management instead.

At Merrill Lynch, Broeksmit oversaw interest rate swaps, which drew the attention of Jain, who had joined the firm in 1988 and was looking to sell more products to hedge funds. Interest rate swaps are contracts to exchange fixed-rate payments for floating-rate ones over a period of years.

At Jain’s encouragement starting in 1994, Broeksmit and Merrill agreed to trim the profit it made on swaps to induce hedge funds into the market, Broeksmit said in an interview for a 2005 story in Bloomberg Markets magazine.

Merrill Lynch

Investment Dealers’ Digest reported in 1995 that Merrill Lynch had named Broeksmit head of global equity derivatives, one of a series of promotions that followed the departures to Deutsche Bank of Grant Kvalheim, co-head of debt capital markets, and Michael Philipp, head of equity derivatives and debt and equity futures.

Broeksmit had been recruited to Merrill several years earlier by Edson Mitchell, a former head of fixed income who also moved to Deutsche Bank and was a mentor of Jain as well.

Broeksmit and Mitchell, in a 1993 memo, warned Merrill management of “potential adverse consequences” for Orange County,California, a client, “in the event of a substantial increase in interest rates and the flight of hot money” from the county’s investment pool, the New York Times reported in 1998. Their warning proved on the mark.

Orange County, the nation’s fifth most-populous county, sought protection from creditors in 1994 after losing about $1.7 billion on derivative investments. That was at the time the nation’s biggest municipal bankruptcy.

To contact the reporters on this story: Laurence Arnold in Washington at [e-mail]; Nicholas Comfort in Frankfurt at [e-mail]

Is this just the first of many banker suicides, if indeed this was a suicide?


end

[grush21]

Perhaps not enough !! bankers calling it a day ? LOL... Bye -Bye !!!

[baranja]

One of the top guys at JPM Europe. He was a vice president in the corporate and investment bank technology department having joined in 2004, moving to Britain from the United States in 2007. https://www.dailymail.co.uk/news/article-2547275/BREAKING-NEWS-Man-30s-dies-plunge-JP-Morgan-headquarters-Canary-Wharf.html

[Majormac79]

He knew too much and probably was at risk of being a whistle blower