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LONDON, Oct 30 (Reuters) - JP Morgan has put itschief currency dealer in London, Richard Usher, on leave, asource familiar with the matter said on Wednesday, and Bloombergreported Citigroup Inc had done the same with its chiefdealer.
This mirrors developments at Standard Chartered,which has also put one of its senior forex traders on leave,according to a source familiar with the matter. Matt Gardinerjoined StanChart from Swiss bank UBS only last month.
JP Morgan is one of several banks cooperating with theFinancial Conduct Authority in Britain and other regulatorsaround the world looking into allegations of currencymanipulation in the $5.3 trillion-a-day global market.
It was unclear whether JP Morgan's decision to put Usher onleave had anything to do with this investigation.
However, Bloomberg reported that both Usher and Citi's RohanRamchandani went on leave after regulators probing forexmanipulation started investigating traders' use of aninstant-message group. ()
Ramchandani, Citigroup's head of European spot trading, wastold on Wednesday he would be placed on leave, Bloomberg said,quoting someone with knowledge of the matter.
Ramchandani was a member of chat rooms that are a subject ofthe probes, the Wall Street Journal reported, quoting peoplewith knowledge of the matter. The probes are continuing but nowrongdoing by Ramchandani had been discovered, it said. ()
Usher, head of spot G10 currency trading, joined JP Morganfrom Royal Bank of Scotland in May 2010. He remains afull-time employee at JP Morgan and has not been suspended. Buthe hasn't been at his desk for around two weeks, the sourcesaid.
Usher could not be reached for comment, and JP Morgan andCitigroup declined to comment.
Usher is still listed as "active" on the UK FinancialConduct Authority's register, and is listed as one of the 13members of the Bank of England's Joint Standing Committee'schief dealers group at the end of last year.
The Bank of England declined to comment, however, on whetherhe was still on that committee.
Royal Bank of Scotland said on Wednesday it hadsought to reassure clients about the foreign exchange rates theywere being offered and rival Barclays said it wascooperating with regulators scrutinising the market.
