JP Morgan in power: Six of Milei’s top officials have history with bank
President Javier Milei has placed six ex-JPMorgan employees in key positions, from the Economy Ministry to the Foreign Ministry. His government's alignment with Wall Street has given rise to criticism that he is giving too much focus to financial interests.
Given that President Javier Milei took office boasting that he would break with the establishment, it may come as a surprise to some that the La Libertad Avanza leader has placed six former executives from JP Morgan Chase & Co, Wall Street’s financial colossus and the United States’ biggest bank, in positions of power.
Milei has concentrated these officials, unsurprisingly, at the Economy Ministry and Argentina’s Central Bank, but the recent appointment of Pablo Quirno at the helm of the Foreign Ministry has sparked renewed opposition criticism that the interests of the global elite are being prioritised over a country in crisis, perpetuating a model that prioritises market over national sovereignty.
The officials, trained at the Mecca of finances, have taken on strategic roles while facing questions over conflicts of interest, especially with foreign debt and policies benefitting foreign investors.
Here are the six key officials with a JP Morgan past:
Luis ‘Toto’ Caputo, current Economy minister, started his career at JP Morgan as chief of trading for Latin America between 1994 and 1998, handling bonds and stocks in the region. His time at the bank saw him become an expert in emerging markets, but detractors accuse him of prioritising Wall Street over the local economy – similar claims made during his previous stint in public office in ex-president Mauricio Macri’s 2015-2019 government.
José Luis Daza, Economic Policy security and deputy Economy minister, served as managing director and head of emerging market research at JP Morgan from 1992 to 2000. Hailing from Chile but with ties to Argentina, his experience in global analysis made him essential to Caputo’s team, where he pushes for liberal reforms.
Santiago Bausili, governor of Argentina’s Central Bank, spent 11 years at JP Morgan from 1996 to 2007 as vice-president for capital markets and derivatives for Argentina, Chile and Peru. For the opposition, his tenure at the Central Bank has been controversial, with deregulation policies which critics link directly to his training at the bank.
Pablo Quirno, recently appointed foreign minister to replace the departed Gerardo Werthein, has accumulated over three decades of experience in financial markets, including as director for Latin America at JP Morgan Chase & Co in New York. Seen as Caputo’s right hand, his promotion as Argentina’s top diplomat has been criticised by those who would prefer to see a career diplomat at the helm, rather than an economist. Opposition fears are growing that the nation’s foreign policy could be aligned with market agendas.
Vladimir Werning, second-in-command at the Central Bank, was executive director and chief economist for Latin America at JP Morgan from 1996 to 2016. His expertise in sovereign research makes him a cornerstone of the team, but his pro-market vision has been criticised by opponents, who say it ignores social impact.
Demián Reidel, president of Nucleoeléctrica Argentina since April 2025 and a former chief of a group of Milei’s presidential advisors, began his career at JP Morgan focusing on emerging markets, before moving on to Goldman Sachs. A physicist and an economist, his knowledge and role in nuclear energy has increased his value to Milei.
– TIMES/PERFIL