Richard Usher, the chief currency dealer in JP Morgan in London, has been put on leave. Citigroup Inc and Standard Chartered is said to have done the same with its chief leader and senior forex trader respectively.
JP Morgan, one out of several banks, cooperated with the Financial Conduct Authority in Britain with regards to allegations of currency manipulation of USD5.3 trillion-a-day in the global market.
Reports are unclear as to Usher's involvement in the investigation following JP Morgan's decision to send him on leave. Bloomberg however reported that Citi's chief, Rohan Ramchandani, and JP Morgan's, Richard Usher went on leave following the investigation on traders' use of instant message groups.
The Wall Street Journal reported Ramchandani was a member chat rooms which are now subject to probes. The probes continued but still no proof of Ramchandi's wrongdoing has been discovered. Though the source claims Usher has not been around for two weeks, Usher still remains to be a full-time employee and has not been suspended from JP Morgan.
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