JPMorgan's British commodities chief notches up $2.8bn
Blythe Masters, the British woman who runs JPMorgan's commodities division, has steered the department to record turnover exceeding $2.8bn (£1.8bn) in 2011, more than long-time industry leaders Goldman Sachs and Morgan Stanley.
Reuters research shows that Cambridge-educated Ms Masters beat her arch-rival, Isabelle Ealet at Goldman Sachs in London, whose commodities division's revenues stagnated at $1.6bn. JPMorgan's performance, a threefold leap in revenues, is a huge bounceback for one of the most powerful women on Wall Street.
In 2010 there had been serious concerns about staff defections and sluggish growth, but Ms Masters, who started at the bank aged 18 as an intern in London, had the firm backing of the chief executive, Jamie Dimon, and investment banking head, Jes Staley. He praised her for being "one tough kid" and stuck with her.
Ms Masters gained notoriety for pioneering credit default swaps, blamed by many for the financial crisis. She acknowledged in a 2008 speech that she had been branded "the woman who created weapons of mass destruction", although she defends the products, saying the people using them were at fault.
Ms Masters built the bank's commodities business through acquisitions including the takeover in 2010 of Royal Bank of Scotland's Sempra Commodities, a large trader of natural gas.
By contrast, rivals have stumbled lately, with Morgan Stanley's revenues shrinking for a third consecutive year, the worst streak since at least 1995, and Goldman Sachs' commodity unit nursing a large drop in revenues since raking in more than $4.5bn in 2009.
The blunt-speaking Ms Masters told staff in 2010 rivals were "scared shitless of us", adding: "They'd better be. This is a platform that's going to win."
Ms Ealet was promoted out of Goldman's commodities unit in January.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...