JP Morgan has named Teresa Heitsenrether as the new head of its global prime brokerage business, Reuters reported, citing an unnamed source. The move is unrelated to the loss of more than $2.0 billion recently reported by the US banking giant, the report said.

Heitsenrether, who had been setting up the business from London in the European, Middle East and Africa region, replaces Lou Lebedin, it said.

The firm, which strengthened its competitive position through the 2008 financial crisis, disclosed earlier this month that it had suffered trading losses of more than $2 billion, giving ammunition to proponents of tighter rules on Wall Street. But the change at the unit was not connected to the loss or any other incident, and had long been in the works, said the source, the report added.

JP Morgan declined to comment, it said.