In the height of the currency manipulation investigation conducted by the Financial Conduct Authority in Britain, it was seen that major banks had anticipated the probe. Top bank executives at JPMorgan Chase, Citigroup Inc and Standard Chartered were reportedly placed on leave at a crucial time when the UK financial had delved deep into its investigation.
Chief Currency dealer Richard Usher was placed on leave by JPMorgan, said a Reuters source. Citigroup's head of European spot trading Rohan Ramchandani was reportedly told on Wednesday to go on a sabbatical. Standard Chartered Senior Forex trader Matt Gardiner was placed on leave after joining the bank last month, said another source.
Although there had been no bank executive found guilty yet of currency manipulation, the London Whale scandal had put several banks' credibility on the line. JPMorgan Chase ex-tader Bruno Iksil was found guilty of violations resulting to the trading loss incurred by betting on credit default swaps. The non-disclosure of the trading loss and the attempt of JPMorgan to minimize the exposure of the fraud had made the losses ballooned to a whopping USD9 billion.
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