JPMorgan Alleges Poaching in Lawsuit

As if things weren’t busy enough for JPMorgan Chase this week, on Thursday it filed a lawsuit against executive search firm The IDW Group, alleging breach of contract.

JPMorgan claims that New York-based IDW enticed employees to leave JPMorgan for positions elsewhere, including Citadel Investment Group.

The lawsuit alleges that the recruitment agency solicited Patrik Edsparr, a valued executive who resigned from JPMorgan in March and is currently serving as Citadel’s CEO for Europe and head of global fixed income business.

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The lawsuit also notes that following Edsparr’s departure, JPMorgan soon lost five more employees to Citadel.

Elaine Rigoli has nearly 15 years of experience managing content and community for various B2B and consumer websites. Elaine has written thousands of business and technology articles and has been quoted in The Wall Street Journal and eWeek, among other publications.

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2 Comments on “JPMorgan Alleges Poaching in Lawsuit

  1. Citadel Investment Group will soon learn that they do not want to get on Jamie Dimon’s bad side. The Citadel had an exclusive recruiting contract with JPM that is now lost along with all the revenues it would have generated over time. I doubt the money they made by soliciting Patrik Edsparr will offset the money they would have made in the long term with JPM.

  2. Lynn – I think you meant IDW lost a valuable recruiting contract. Citadel seems to be a competitor of JPM, not a search firm.

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