JP Morgan’s custody arm has lost its head of transition management, in addition to its head of foreign exchange (FX) and currency overlay.

I&T News can confirm that Jim Karelas, who led JP Morgan’s transition management unit, and Keith Fleming, who ran the regional FX and currency overlay programs for the business’ custody offering, have left the bank.

Jane Perry, CEO at the custodian, said staff turnover was inevitable in business with 900 employees, and the Treasury and Securities Services business held succession meetings every six months to develop contingency plans to manage the exit of key staff.

“We do that against all senior roles in the business.”

Perry said the custodian had “coverage” to continue Karelas’ work in transitions management, which included input from Stewart Cowan, a senior client and sales manager at the custodian’s regional securities lending division.