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JP Morgan puts chief FX dealer in London on leave -source
October 30, 2013 / 5:06 PM / in 4 years

JP Morgan puts chief FX dealer in London on leave -source

LONDON, Oct 30 (Reuters) - 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 said.

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.

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