Morgan Stanley is not the only bank losing macro sales and trading talent in Asia. JPMorgan is losing it too, albeit to a far lesser degree.
Two JPMorgan macro MDs have resigned to join Schonfeld Strategic Advisors. One joined only 10 months ago.
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The latter is Youngmin Cho, a former Morgan Stanley emerging markets FX trader, who arrived at JPMorgan only in July 2025. Cho was JPMorgan’s head of Singapore non-deliverable forward (NDF) trading.
Unfortunately for JPMorgan, Schonfeld is building its macro team in Singapore and seems to have made Cho a better offer. He’s understood to have resigned this week.
Cho didn’t respond to a request to comment for this article. Cho declined to comment.
Cho is the second JPMorgan macro MD to disappear to Schonfeld this month. Mintaek Kim, a managing director in macro trading at JPMorgan in Hong Kong, is also on his way there. Kim had been at JPMorgan since 2009, though. He’d been a managing director at the bank since 2019.
Kim is joining Schonfeld to be co-head of DMFI (discretionary macro and fixed income) trading at Schonfeld in Asia. His co-head will be Yau Ng, who ‘retired’ from Point72 last June and who is one of Asia’s best known macro PMs.
It seems likely that Kim and Ng will built out their bench. More Chos may leave JPMorgan in the months to come. Macro hiring is happening at a pace in Singapore this year, with funds poaching talent from banks and banks allegedly offering 50% buybacks. JPMorgan is not the only one with seats to fill; Morgan Stanley has lost at at least 16 people.
JPMorgan declined to comment.
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