MOVES-JPMorgan promotes Rachid Alaoui to head of global volatility

U.S. bank JPMorgan Chase & Co has promoted Rachid Alaoui to head of global volatility, the bank's head of global equities Jason Sippel said in a memo to staff on Tuesday reviewed by Reuters. The move follows the departure of Fater Belbachir who had been global volatility chief since late 2016. https://reut.rs/2F9m1s2

Belbachir left the bank last month, according to the New York Post citing two people familiar with the move. "Rachid will be reponsible for the equities trading businesses across flow, exotics and non-linear corporate derivatives franchises," he said late on Tuesday.

Alaoui was previously head of EMEA equities, exotics and index flow trading and he will report to Sippel. A JPMorgan spokesman confirmed the contents of the memo. (Reporting by Helen Reid, Editing by Josephine Mason)