LONDON Oct 30 JP Morgan has put its
chief currency dealer in London, Richard Usher, on leave, a
source familiar with the matter said on Wednesday.
This mirrors developments at Standard Chartered,
which has also put one of its senior FX traders on leave,
according to a source familiar with the matter. Matt Gardiner
joined StanChart from Swiss bank UBS only last month.
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
Usher could not be reached for comment, and JP Morgan
declined to comment.
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.
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 regulators scrutinising the market.