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Daniel Cotti
Summary of major achievements.
As Head of Global Trade Finance and Loan Products (‘GTLP’), I
managed the business successfully through a period of
considerable internal and external challenges and change, in
particular over the past 24 months.
External pressures came from the global economic and market
environment and include:
• a consistently low interest rate environment,
• surplus liquidity in the market resulting on heavy
downward pressure on the lending spreads
• the significantly higher cost of executing business as
a result of the new financial and conduct regulation (Basel III,
AML etc.)
• the direct political impact on the business of the imposition of
a much wider and complex sanction program by the US
and the EU [regulators?]
Aggressive and increased competition due to
local and regional banks expanding their client basis
and activities in Trade Finance
These external pressure points translated into various internal
changes with direct impact on the business, the team, clients and
the execution of the business:
• Profitability pressure forced us to be very selective in
underwriting new business, selling existing assets and
putting in place redundancy programs as part of an
aggressive cost management approach
• The Consent Order imposed on JPM by the OCC
resulted in a new and strengthened governance and control
environment with increased reporting requirements and
direct impact on business expansion and product innovation
• The Correspondent Banking business underwent a
rigorous review resulting in a much more strict client and
transaction selection and engagement approach

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• Organisational change saw the GTLP business being
separated from the Treasury Services (‘TS’) business and
becoming part of a new Loans Capital Strategy Division
(LCS) with focus on balance sheet usage and performance.
I navigated the business and the team successfully through all
these challenges and changes, built strong alignment with the
Global Corporate Bank, senior decision-makers at JPM and the
US regulators and put in place a totally new and much more
stringent governance and risk and control process and procedures.
In parallel we continued to roll out a new technology solution to
support the business with a globally integrated single processing
platform.
All audit reports of my business were always satisfactory and the
OCC gave JPMorgan’s Trade Finance business a clean bill of
health both in 2011 and in 2013 and attested to a very strong
control and management environment.
The way my management team and I managed these transitions
and challenges has been recognised internally on various
occasions including by JP Morgan’s Senior Management,
Compliance and Risk team. In addition my Management Leader
Review Scores and Employee Engagement scores have
consistently been much better then the Industry and JPMorgan
average standard.
During this period, I have also continued my Industry engagement
as the Head of the Advisory Board of the Banking Commission of
the International Chamber of Commerce, who themselves went
through significant organizational, funding, scope and market
impact changes.
Daniel
Cotti
London,
February
2015