FX Veteran Flanagan to Retire

It will be the end of an era on 31 March when Steve Flanagan retires, bringing to an end a 43-year career in the FX industry – the vast majority of it with JP Morgan. I have known Steve for many decades by reputation and in person and he is the epitome of a professional, no matter what role he has taken on.

Yes, he really did used to look like this

Steve’s started as a spot FX trader, at Manufacturers Hanover Trust in New York, in 1979, he worked at the firm for more than 10 years, before having three-year spot trading jobs at Mitsubishi Bank and Credit Agricole, as well at Christiania Bank, Paine Webber and Erste Bank.

With tongue firmly in cheek, I have to point out that few of Steve’s employers from that era currently exist in the same format, but I am sure that is just a coincidence! More seriously the changing times highlighted his ability to adapt, none more so that when he re-joined JP Morgan in 1999 in its nascent e-FX trading team. At JPM, where most of you will know him from, he evolved to global e-commerce risk manager – a role he leaves this week.

For those of a certain (younger) generation, you may be wondering at my earlier comment that Steve spent the vast majority of his career associated with JP Morgan and ‘re-joined’ the bank. Simply put, Manufacturers Hanover Trust was one of the initial banks that, through a series of mergers via Chase Manhattan, Chemical Bank and JP Morgan, become the giant that is JP Morgan today.

Steve has always been an engaging and willing speaker on panels I have moderated over the years and his passion for the industry has shone throughout. His contributions were considered, insightful and, just occasionally, aimed at giving the moderator a hard time! He has brought old-school values to a modern market structure and dispensed his knowledge to colleagues willingly and with that twinkling in the eye that tells you he was still having tremendous fun in the FX business.

A lot of knowledge and experience leaves the industry with Steve’s retirement, but it is a retirement well-earned. Travel well Steve and, along with your countless friends in the market, I look forward to catching up soon.

Colin Lambert