JPMorgan Currency Trader Said to Be Suspended for Actions at RBSGavin Finch and Suzi Ring
JPMorgan Chase & Co. has suspended a foreign-exchange trader over allegations of wrongdoing related to his work at Royal Bank of Scotland Group Plc, according to a person with knowledge of the decision.
London-based currency dealer Gordon Andrew was suspended last week, according to the person, who asked not to be identified because the matter isn’t public.
Andrew didn’t respond to e-mails and phone calls to his office. Officials at JPMorgan and RBS declined to comment.
The Wall Street Journal reported the suspension earlier today, saying it related to passing confidential client information to traders at other firms. In particular, work converting European Union agricultural subsidy payments from euros into pounds raised concerns, the newspaper said, citing an unidentified person.
Andrew joined JPMorgan in October 2012, according to regulatory filings, soon after his colleague at RBS, Richard Usher, moved to the firm. Usher served as JPMorgan’s chief currency dealer in London until he was put on leave in October 2013 amid a global investigation into manipulation in the foreign-exchange market. He left the bank almost a year later after emerging as a key figure in the probes, people with knowledge of the matter have said.
JPMorgan was fined $1 billion by regulators in the U.S. and U.K. in November as part of the rigging investigation. RBS was fined $634 million in the six-bank settlement.