JPMorgan has appointed a senior systematic equities executive from hedge fund Millennium Management, marking a notable return to banking for a former buy-side portfolio manager, according to a report by eFinancial Careers.
John Jose has joined the US investment bank as a managing director, where he will run the risk trading desk within JPMorgan’s program trading team, according to people familiar with the move. The bank declined to comment.
Jose joined Millennium in 2024 after leaving Goldman Sachs, where he served as EMEA head of program trading. He had been promoted to managing director at Goldman in 2021 and was a senior figure within one of the firm’s most profitable equities businesses.
Program trading focuses on algorithmic strategies that anticipate changes to major indices and exchange-traded funds, including predicting which stocks are likely to be added or removed during index rebalancing periods. The strategy can generate significant trading volumes and revenues, particularly during quarterly and annual reconstitutions.
Goldman Sachs’ program trading franchise has historically been one of the most lucrative on Wall Street. Bloomberg previously reported that the firm’s program trading unit generated approximately $1.4bn in revenues over a two-year period with a headcount of around 20 staff.
The hire strengthens JPMorgan’s equities trading infrastructure as competition intensifies across systematic execution, index-linked trading and ETF-related strategies.
