Oil Trader JPMorgan Eisenstein leaves in restructuring after Sempra Buy

Oil trader Ira Eisenstein left JPMorgan Chase & Co. last week that the U.S. bank the second largest by assets restructured its team following the acquisition by $ 1.7 billion units of RBS Sempra Commodities LLP.

"I am no longer there," he said in New York, Eisenstein, who spent 17 years at Morgan Stanley, JP Morgan before, in a telephone interview yesterday. "A number of people who have been leaving at the same time. They are just restructuring." JPMorgan cuts oil traders to make room for new staff, Eisenstein said. Kimberly Weinrick, JP Morgan spokesman, declined comment.

JPMorgan global unity of commodities, led by Blythe Masters, cut staff following acquisitions including units of Bear Stearns Cos. and UBS AG. The bank began firing on July 21 to cut the RBS Sempra eliminate overlap and less than 10 percent of the combination of "front office", said the Masters of the month.

Sempra Energy, based in San Diego, and Royal Bank of Scotland Group Plc, based in Edinburgh, completed a sale of $ 1.7 billion to JP Morgan Company metals, oil and energy and European companies gas on 1 July. "The acquisition nearly doubled the number of business customers the company may serve as raw materials," JP Morgan said in a Nov. 9 filing with the Securities and Exchange Commission.

"For every organization that is transforming its business, is likely to occur again looking to hire," said Dominic Mound, a commodity consultant Appointments Ltd., in Singapore today. "The demand for good people, quality remains strong."

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The bank may cut jobs at its industrial equipment metal in London, according to a December report a Metal Bulletin, citing unidentified people. At least two jobs will be cut to eliminate duplication, as saying.

In August, the bank said it will close the negotiating table on their own raw materials to meet the new U.S. curbs investment in banks, according to a person briefed on the matter. The closure affected less than 20 merchants in the unit, the source said.

Eisenstein, 52, said he joined the bank in April 2008 to help build the business physical oil trading. Among the people who worked with Andy Kelleher, former president of ConocoPhillips Supply & Trading, who joined the bank in August 2009. Eisenstein was an executive director at Morgan Stanley before joining JPMorgan in 2008, said an October presentation of JPMorgan. He began his career at Phibro Energy.

Bank of America is the largest U.S. lender by assets.