JPMorgan Suspends Senior FX Executives Over Expense Snafu

JPMorgan Chase & Co. has suspended Michael Spencer and Chris McCoy, two of its senior London-based FX salespeople as a result of racking up certain client-related expenses.

Some months ago, an industry wide purge was unfolding that led to the suspension or dismissal of numerous FX personnel at virtually every level for allegations into worldwide currency rigging. A JPMorgan spokesperson reiterated that these suspensions were an isolated incident and were not related to any illicit trading practices.

Prior to the suspension, Mr. Spencer worked as the head of JPMorgan’s hedge-fund currency sales team in London, while Mr. McCoy was positioned as the executive director for hedge-fund currency sales. It is unknown how long the suspensions will last.