JPMorgan Chase & Co., the biggest U.S. bank, dismissed 10 analysts last month for cheating on internal training exams, a person briefed on the matter said Friday.
Some of the employees were based in New York and some in Latin America, said the person, who asked not to be identified because the moves aren’t public. The analysts are junior bankers, not research analysts who recommend stocks to investors.
Wall Street firms have undergone a cultural shift after being forced to pay more than $100 billion for litigation and regulatory fines in the wake of the financial crisis, and some behavior that once may have been tolerated isn’t any longer. Goldman Sachs Group Inc. dismissed 20 analysts globally, including some in London and New York, after discovering they had cheated on tests for junior employees, Bloomberg reported earlier Friday, citing people familiar with the matter.