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J.P. Morgan Cans Capossela

The onetime Goldman golden boy couldn't turn around the stock trading desk.
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J.P. Morgan Chase

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reportedly reshuffled management in the area of the bank that handles stock trading and underwriting, as well as its equity derivatives portfolio.

Out is Mino Capossela, the 34-year-old

Goldman Sachs

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star hired a year ago to revive the moribund trading desk as head of North American equities for the No. 2 U.S. financial services company. The hoped-for revival never materialized, as trading revenue continued to contract and the bank consistently brought up the rear in underwriting rankings amid Wall Street's IPO drought.

According to several reports, Capossella duties will be taken up by Carlos Hernandez, the head of J.P. Morgan's global equities capital markets division. Hernandez will now oversee equity capital markets, derivatives and the bank's convertible bond operation.

In its year-end earnings report, J.P. Morgan noted that 2002 trading revenue had plunged 28% from 2001, with fixed-income and equity results both tumbling on lower portfolio management results.

J.P. Morgan Chase was recently up 1 cent at $22.51.