Some months ago, an industry wide purge was unfolding that led to the suspension or dismissal of numerous FX personnel at virtually every level for allegations into worldwide currency rigging. A JPMorgan spokesperson reiterated that these suspensions were an isolated incident and were not related to any illicit trading practices.
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Prior to the suspension, Mr. Spencer worked as the head of JPMorgan’s hedge-fund currency sales team in London, while Mr. McCoy was positioned as the executive director for hedge-fund currency sales. It is unknown how long the suspensions will last.