BusinessInsider writes: In August last year, JP Morgan's commodities desk was in trauma; a series of misplaced bets and staff departures was rupturing the unit. Commodities head Blythe Masters attempted to reassure her desk on a now-famous conference call, that "no-one's going to get screwed" and told her crew "don't panic" multiple times. They should have -- the commodities unit made a paltry $514 million in total for the year. But now Masters is smiling. Her unit has "made more money during the first quarter than through all of last year," according to the WSJ, equal to about $750 million.
There's a few people Masters should be thanking for the massive turnaround, especially managing director and Global Head of Oil Jeffrey Frase. His oil desk is pumping, and is a huge part of why the JP Morgan's energy desk "has been a main driver" of the surge in commodities revenue this year (the energy desk's performance accounts for about 50% of the unit's total revenue in 2011).
Frase was a trader at Goldman Sachs for 17 years, and was head of Global Crude Oil and Derivatives trading before he decamped to Lehman Brothers in 2007. When the bank imploded one year later, JP Morgan quickly scooped him up.
In 2004, Frase was estimated by Trader Monthly to be one of the highest paid traders in the world, reportedly earning between $20 million to $25 million….
Read more at:
http://www.businessinsider.com/jeffrey-frase-jp-morgan-q1-commodities-results-oil-desk-2011-6
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