JPMorgan Suspends Senior FX Executives Over Expense Snafu
JPMorgan Chase Co. has suspended Michael Spencer and Chris McCoy, two of its senior London-based FX salespeople as a result
JPMorgan Chase & Co. has suspended Michael Spencer and Chris McCoy, two of its senior London-based FX salespeople as a result of racking up certain client-related expenses.
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.
This must be a cruel joke, or?
JP Morgan is saving money on client expenses? I have to terminate my Prime Brokerage Agreement with them immediately!!!!!! It´s a shame that you even think about suspending sales people for this reason! Especially since I am JP Morgan shareholder, too. Who is the clown responsible for this decision? Most probably some egghead in Compliance, hum??????