JP Morgan collateral exec Mike Garrett to exit
Mike Garrett is leaving his post as JP Morgan’s head of international collateral management.
The London-based executive has spent nearly twenty years at the investment bank.
It is not clear if he will stay on at the firm in another capacity or exit entirely.
In any case the move follows JP Morgan's withdrawal from the US tri-party repo market over the summer.
BNY Mellon is now the sole institution settling government securities for most dealers in the niche of the repo market known as general-collateral finance.
New York-based Kelly Mathieson, JP Morgan’s head of global collateral management and securities clearing, left the firm recently after two decades to join blockchain start-up Digital Asset.
Despite Garrett's departure, JP Morgan still has a sizable collateral management team in London.
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