J.P. Morgan's India treasurer Srinivasan quits

J.P. Morgan veteran Srinivasan Varadarajan who is currently treasurer of the US bank's India operations, based in Mumbai, has tendered his resignation.

Srinivasan has been with J.P. Morgan since 1998, when the US bank dissolved its joint venture with ICICI Bank and set up shop alone in India. Before that he was with ICICI Securities, the joint venture between ICICI and J.P. Morgan which was formed in 1993. Srinivasan joined ICICI in 1990 after an MBA from the Indian Institute of Management at Calcutta.

Srinivasan, who is a managing director at the US investment bank, reports to Tarun Mahrotri who heads global rates and foreign exchange markets for J.P. Morgan for Asia ex-Japan, based out of Hong Kong. Locally he reports to Kalpana Morparia who is vice-chairman of J.P. Morgan India, based in Mumbai.

Sources close to the situation said Srinivasan is expected to join Axis Bank (the former UTI Bank) as an executive director, on the board of the bank, in charge of both treasury and corporate banking. "It is unlikely that Srini would leave only for the treasury function which he already does at J.P. Morgan," said the source.

Other sources added that Srinivasan is likely to be leaving for the challenge of doing something new and different and being part of the top management at the Indian bank. Local banks and investment banks in India have been able to attract talent because strategy and direction for the firms is decided in India, which appeals to many professionals at a certain stage in their career.