When she took over the commodities business in 2006, Ms. Masters clashed with several high-profile traders who weren't as enthusiastic about their new boss and where she wanted to take the unit, people familiar with the matter said.
One specific point of disagreement, these people said, was whether J.P. Morgan needed a larger presence in developing and trading carbon credits for companies that need to mitigate their emissions. Another person involved in the discussions said the dispute centered on the amount of risk being taken by the group.
Some physical-oil traders who came with the Sempra deal, including Glenn Oztemel and Michael Livingston, recently left because they were concerned about cultural differences and compensation structures at such a large commercial bank, according to people familiar with their thinking. By focusing on client fees, instead of making potential windfalls wagering the bank's own money, trader upside was limited, they said.
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