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Reuters exclusive: Morgan's head of gold trading put on leave amid probe
Two JPMorgan Metals Executives Put on Leave Amid U.S. Probe
By Peter Hobson, Lawrence Delevingne, and Koh Gui Qing
Thursday, September 12, 2019
Two JPMorgan Chase & Co. employees, including a top metals trading executive, have been placed on leave in response to a U.S. criminal investigation into the bank's metals trading practices, according to a source familiar with the matter.
Michael Nowak and Gregg Smith are on leave, the source said today, making them the third and fourth JPMorgan employees to be connected to the criminal investigation that has resulted in guilty pleas from two former JPMorgan metals traders.
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Nowak is a managing director and global head of base and precious metals trading in New York for the bank, according to his LinkedIn profile. Smith's title could not be learned.
Nowak was placed on leave around late August, the source said.
Neither Nowak nor Smith have been charged with a crime. ...
JPMorgan, one of the largest gold trading banks in the world, said in an August regulatory filing it is "responding to and cooperating with" investigations by various authorities, including the Department of Justice, relating to trading practices in the metals markets. ...
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