David Puth, the former head of FX and commodities at JPMorgan, has resurfaced after a near two-year hiatus from the banking industry in a senior role at State Street.
Puth has been named to a new position at the Boston-based firm, as head of investment research, securities finance and trading activities for State Street worldwide. He will report to Jay Hooley, president and COO of State Street, and will sit on the companys operating group, which determines strategy and policy.
Puth had a long and successful career within the FX industry, taking in Citi and then Chemical Bank prior to its merger with Chase and subsequent takeover of JPMorgan. Here, he rose to head the firms currency and commodities sales, trading and research teams. Outside the bank, he chaired the Feds FX committee from 2001 to 2003.
His departure from JPMorgan in November 2006 therefore came as something as a shock. It led to a degree of blood-letting within JPMs FX division over the next months, as the FX business was realigned within the banks emerging markets and rates businesses, culminating in the departure of Puths successor Rob Lichten in June last year.
Puth then founded a risk management and advisory group, Eriska, and joined the board of Icap in November 2007 as a non-executive director.