Ex-JPMorgan salesman claims he was fired to appease regulators

Walking the Plank

'Tossed overboard'.

Ex-JPMorgan foreign-exchange salesman Patrice Ktorza was fired to appease regulators after banks were fined $10bn for conspiring to manipulate currency markets, his lawyer said.

Bloomberg News reports that the former executive director is suing the bank for unfair dismissal in a London tribunal. He was "tossed overboard in an attempt to make JPMorgan look clean," his lawyer, Daphne Romney, said Thursday during questioning of executive Ryan O’Grady.

O’Grady said he suspended Ktorza last year for “partially filling” a trade, a practice the bank stopped salespeople from carrying out after a review of its practices in the wake of the scandal.

The scandal "reinforced in my mind how big an issue this was," O’Grady said. "The investigations into the FX business in my mind made it less acceptable that somebody at Ktorza’s level would indeed make what was seemingly a basic error.”

To access the complete Bloomberg News article hit the link below:

JPMorgan Salesman Says He Was Fired to Make Bank Look Clean

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