Cutting heads and defections.
Bloomberg News reports that Milam, an 18-year veteran of JPMorgan, ran the emerging-market corporate and sovereign credit group out of New York since 2011 and previously was co-head of North America credit trading.
The 39-year-old managing director left last month after two senior London-based emerging-markets credit traders, Elie Pano and Dan Steeds, went in January, the people said, asking not to be identified discussing personnel.
The reductions are being compounded by defections. A group of emerging-market bond traders and salesmen left the bank for Nomura this month, people with knowledge of that move said this week.
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