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JPMorgan traders sacked over compliance

February 29, 2016

Via: CNBC
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JPMorgan Chase sacked the head of its government debt trading desk and another employee after they allegedly circumvented the bank’s compliance procedures following a disagreement in valuing certain trades, said people familiar with the matter.

Andrew Lombara, then head of US Treasury trading at the bank, and Chi Lee, a junior Treasury trader, both left the bank in early January but the reasons for their departure were not disclosed publicly.

The traders and the bank’s valuation committee disagreed over the amount of reserves taken for certain Treasury trades known as strips, the Financial Times has learnt.

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