JP Morgan’s Head Of Gold Trading Put On Leave Amid Probe

Two JPMorgan Chase & Co. employees, including a top metals trading executive…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

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.

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.

Attorneys for Nowak did not respond to a request for comment. A call to Smith’s number at the bank was answered by an employee at the metals desk who directed questions to the bank’s public relations department. Reuters could not learn the identity of his lawyer.

A spokesman for the Department of Justice declined to comment.

… For the remainder of the report:…

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