Ex-JPMorgan salesman said suspension left him anxious and isolated and eventually cost him $3m

JPMorgan Chase

A JPMorgan foreign-exchange salesman who was fired for failing to follow rules introduced in the wake of the market-rigging scandal said his suspension left him anxious and isolated and eventually cost him $3m.

Bloomberg News reports that Patrice Ktorza, a former executive director, is suing the bank for unfair dismissal in a London tribunal. He was suspended in November 2014 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 foreign-exchange manipulation scandal.

"Being suspended for nearly a year over this matter was truly disastrous for me financially," Ktorza said in a witness statement made public Friday. The suspension for such a long period suggests “other forces were at play and that the outcome had either been predetermined or the bank wanted to make an example of me."

Ktorza is among a growing list of foreign-exchange traders and salespeople to sue their former employers in recent months, claiming banks were too quick to dismiss workers while attempting to impress regulators. 

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

JPMorgan Banker Says Devastating Firing Cost Him $3 Million

Standard Chartered’s Commodities Head Arun Murthy to Retire

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News