Tags: 2020 Elections | jpmorgan | kolanovic | colleagues | political bias

JPMorgan's Kolanovic Accuses His Colleagues of Political Bias

JPMorgan's Kolanovic Accuses His Colleagues of Political Bias
(Piotr Swat/Dreamstime)

Tuesday, 03 November 2020 12:48 PM

Election Day tensions are rippling through one of Wall Street’s premier research units.

Marko Kolanovic, a top quant strategist at JPMorgan Chase & Co., accused his colleagues of allowing political bias to influence their market research.

“Wait so our commodity guys base their forecast based on our FX guys’ forecast, which based forecast based on our economist forecast, who bases his forecast of party preference,” Kolanovic quipped Tuesday in a broad internal chat with more than 250 sales, trading and research workers, according to a transcript seen by Bloomberg News.

One of the bank’s derivatives sales traders had just posted a summary of the commodities strategists’ views on how a win by former Vice President Joe Biden would affect the market, saying there would be “very little impact” on U.S. oil production.

“Lol. Its a joke -- with Biden you remove Iran sanctions, and economy slows down under pressure of massive taxes, and Covid is treated with lockdowns,” Kolanovic, JPMorgan’s global head of macro quantitative and derivatives strategy, wrote. “Its a joke. Should be the opposite of that.”

It’s not the first time Kolanovic has waded into U.S. election controversies. On Aug. 31, after he told investors to position themselves for rising odds that President Donald Trump would win re-election, he took to Twitter to ridicule polling analyst Nate Silver, who disagreed with him. The JPMorgan strategist retweeted posts by people claiming Kolanovic was smarter than Silver.

One worker said the bank’s trading floor fell silent after Kolanovic’s remarks in the chat.

The chat group -- intended for sharing color on the derivatives market -- has been a flashpoint for workers in the past when participants made comments about race and politics. One individual making inappropriate remarks was chided by a more senior participant in the chat, according to a person familiar with the matter who asked not to be identified.

A JPMorgan spokeswoman declined to comment, and Kolanovic didn’t immediately respond to a request for comment.

© Copyright 2021 Bloomberg News. All rights reserved.


   
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Election Day tensions are rippling through one of Wall Street's premier research units.
jpmorgan, kolanovic, colleagues, political bias
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2020-48-03
Tuesday, 03 November 2020 12:48 PM
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