Julia Verlaine of Bloomberg is reporting that unnamed sources revealed that JPMorgan Chase & Co. (NYSE:JPM) suspended two senior Forex salespeople because of client-related expenses.
Michael Spencer, head of JPMorgan’s hedge-fund currency sales team in London, and Chris McCoy, executive director for hedge-fund currency sales, were put on leave, said the person, who asked no to be identified because the matter is private.
The suspensions are not related to global probes into currency rigging or a wider crackdown on expenses, said the person.
A spokesman for JPMorgan in London declined to comment. Spencer and McCoy didn’t respond to messages from Bloomberg seeking comment.