JP Morgan puts London FX chief on leave, Citi reported to do same

LONDON Wed Oct 30, 2013 7:05pm EDT

Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London September 19, 2013. REUTERS/Neil Hall

Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London September 19, 2013.

Credit: Reuters/Neil Hall

LONDON (Reuters) - JP Morgan has put its chief currency dealer in London, Richard Usher, on leave, a source familiar with the matter said on Wednesday, and Bloomberg reported Citigroup Inc had done the same with its chief dealer.

This mirrors developments at Standard Chartered, which has also put one of its senior forex traders on leave, according to a source familiar with the matter. Matt Gardiner joined StanChart from Swiss bank UBS only last month.

JP Morgan is one of several banks cooperating with the Financial Conduct Authority in Britain and other regulators around the world looking into allegations of currency manipulation in the $5.3 trillion-a-day global market.

It was unclear whether JP Morgan's decision to put Usher on leave had anything to do with this investigation.

However, Bloomberg reported that both Usher and Citi's Rohan Ramchandani went on leave after regulators probing forex manipulation started investigating traders' use of an instant-message group. (

Ramchandani, Citigroup's head of European spot trading, was told on Wednesday he would be placed on leave, Bloomberg said, quoting someone with knowledge of the matter.

Ramchandani was a member of chat rooms that are a subject of the probes, the Wall Street Journal reported, quoting people with knowledge of the matter. The probes are continuing but no wrongdoing by Ramchandani had been discovered, it said. (

Usher, head of spot G10 currency trading, joined JP Morgan from Royal Bank of Scotland in May 2010. He remains a full-time employee at JP Morgan and has not been suspended. But he hasn't been at his desk for around two weeks, the source said.

Usher could not be reached for comment, and JP Morgan and Citigroup declined to comment.

Usher is still listed as "active" on the UK Financial Conduct Authority's register, and is listed as one of the 13 members of the Bank of England's Joint Standing Committee's chief dealers group at the end of last year.

The Bank of England declined to comment, however, on whether he was still on that committee.

Royal Bank of Scotland said on Wednesday it had sought to reassure clients about the foreign exchange rates they were being offered and rival Barclays said it was cooperating with regulators scrutinizing the market.

(Reporting by Jamie McGeever and Richa Naidu; Editing by Mark Heinrich and Eric Walsh)

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Comments (2)
Josh-Nichols wrote:
It seems like something dodgy has gone on with Matt Gardiner- I read this article about this on Tuesday:

They state that it’s because of “possible manipulation” that he has been put on leave. This got me thinking that the currency trading market is dominated by manipulation- I remember when I first started trading with a practice account on and it was very difficult to trust the trends in investments.

These big companies are employing traders that have performed well for others (Barclays & UBS in Matt’s case) but not thoroughly looking into how they achieved what they did- possibly manipulated- and therefore employing someone who is going to put a negative image on all of the companies.

I think that the market needs to knuckle down on manipulation, and with more reports like these I can see it happening in the near future.

Nov 01, 2013 9:02am EDT  --  Report as abuse
DanP80s wrote:
the spot forex market has always been about who you know, and if you know the right people, that ensures you have the information to make huge profits. These traders build reputations – either make a lot of profit, or make large losses – then move to other banks on large salaries and bonus guarantees. Collusion occurs – its up to the authorities to find out the level of collusion that the “bandits club” were up to….

Nov 01, 2013 2:25pm EDT  --  Report as abuse
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