The way I've heard it, Beau is working them on cancelling his 5yr contract. He was smart when he made the hop to JPM from MS, getting an airtight contract for the move. They will pay up to push him out. Part of the issues come from big bullish position in NEPool from before that, like those illiquid emissions, got marked higher and JPM paid out to him last year then they couldn't trade out of it and lost 2/3 of the runup.