Powers quits JP Morgan

Averill Powers, the former UK general counsel of JP Morgan Chase, has mysteriously left the bank

A JP Morgan spokesperson said that Powers had left to “pursue other opportunities”. The spokesperson added that the bank did not know whether Powers had taken up another post.
Powers was UK general counsel at JP Morgan until the bank's merger with Chase Manhattan two years ago.
Following the merger he was replaced by present UK general counsel Karen Linney and given the title of vice president and assistant general counsel.
One source close to JP Morgan said that after the merger, Powers' role was perceived as much reduced.
“I'm surprised he didn't leave earlier,” said a top City lawyer close to the bank.
The move has prompted speculation among JP Morgan's lawyers that the balance of work given to preferred law firms may change.
Powers is understood to have been close to Allen & Overy, Linklaters, Lovells, Freshfields Bruckhaus Der-inger, and Slaughter and May.