Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Financial servicesLatest NewsDisciplineEmployment tribunalsUnfair dismissal

JP Morgan unfairly dismissed trader to ‘appease regulators’, tribunal finds

by Ashleigh Webber 8 Jul 2021
by Ashleigh Webber 8 Jul 2021 Willy Barton / Shutterstock.com
Willy Barton / Shutterstock.com

A trader who lost his job at JP Morgan Chase & Co following allegations of market manipulation was unfairly dismissed because the firm ‘radically altered’ its approach to an issue that arose three years before his dismissal, an employment tribunal has found.

It ruled that Mr B Jones, who was dismissed in 2019 following allegations of gross misconduct, did not engage in market “spoofing” and that his conduct should not have caused or contributed to his dismissal.

Jones began working at investment banking division JP Morgan Securities as an intern in 2010 and in 2014 he began trading alongside two more senior employees. By 2017 he was a vice president supervising more junior staff.

In January 2016 Jones entered and deleted in quick succession two sell orders. The company’s surveillance systems immediately identified this as potential market abuse.

Jones was interviewed by managers about the circumstances surrounding the orders and it was determined that no misconduct had taken place and no further action would be taken.

Unfair dismissal cases

Receptionist with ‘public phobia’ wins £56k for unfair dismissal

Employment law specialist wins £168,000 in unfair dismissal case

Postman wins unfair dismissal case over public urination

However, to show that it was taking a hard line on allegations of market manipulation following the precious metals scandal JP Morgan Chase & Co was involved in, the company later introduced a new enhanced standard around how it would deal with trading activity that was potentially consistent with spoofing.

In 2019 it commenced a market conduct review. The review found that Jones’ explanations for the events of January 2016 were inadequate and he would undergo a disciplinary process.

In December 2019 Jones was informed that the investigation would be reopened and he was suspended.

He was invited to a disciplinary hearing in relation to the 2016 sell orders. The investigating and disciplining officer told a senior employee responsible for compliance issues that the claimant’s actions “would be treated differently today”.

During the meeting, Jones said that almost four years had passed and he could not recollect the circumstances surrounding the sell orders. He told the investigating parties that the investigation in 2016 was thorough and his innocence had been accepted then.

In January 2020 he was dismissed for gross misconduct. His appeal against the decision was also dismissed.

Jones told the tribunal that respondent changed its approach to the 2016 sell orders because it needed to appease regulators following the precious metals scandal: “heads needed to roll, whether or not they were the right heads,” the judgment says.

It found that Jones’ dismissal was to “further the respondent’s desire to appease its regulators”.

“As such, the dismissal was unfair on the basis that it did not take place for a potentially fair reason,” the judgment says.

It says the claimant and other members of the organisation’s staff simply required further training, and that Jones should not have had to endure a disciplinary process.

JP Morgan Chase & Co has declined to comment on the judgment.

Latest HR job opportunities on Personnel Today


Browse more human resources jobs

Ashleigh Webber
Ashleigh Webber

Ashleigh is editor at OHW+ and HR and wellbeing editor at Personnel Today. Ashleigh's areas of interest include employee health and wellbeing, equality and inclusion and skills development. She has hosted many webinars for Personnel Today, on topics including employee retention, financial wellbeing and menopause support. Prior to joining Personnel Today in 2018, she covered the road transport sector for Commercial Motor and Motor Transport magazines, touching on some of the employment and wellbeing issues experienced by those in road haulage.

previous post
Vacancies at 24-year high, but candidate supply limited
next post
Gareth Southgate – a leader winning through coaching

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

You may also like

Whistleblowing nurse awarded £462k for unfair dismissal

15 Jun 2022

Aspers casino cashier excluded by colleagues wins £75k...

23 May 2022

Solicitor unfairly dismissed during cancer recovery awarded £17k

6 May 2022

P&O Ferries: owner DP World pulls out of...

8 Apr 2022

P&O Ferries chef launches unfair dismissal and discrimination...

6 Apr 2022

Government to publish statutory ‘fire and rehire’ code

30 Mar 2022

Rail inspector with ‘shy bladder syndrome’ wins £90,000...

16 Mar 2022

Shop worker awarded £20k after menopause comments

25 Feb 2022

Dismissal of NatWest employee with cancer ‘tainted with...

17 Feb 2022

Nursery worker dismissed while pregnant was discriminated against

7 Feb 2022
  • NSPCC revamps its learning strategy with child wellbeing at its heart PROMOTED | The NSPCC’s mission is to prevent abuse and neglect...Read more
  • Diversity versus inclusion: Why the difference matters PROMOTED | It’s possible for an environment to be diverse, but not inclusive...Read more
  • Five steps for organisations across the globe to become more skills-driven PROMOTED | The shift in the world of work has been felt across the globe...Read more
  • The future of workforce development PROMOTED | Northumbria University and partners share insight...Read more
  • Strathclyde Business School expands its Degree Apprenticeship offer in England PROMOTED | The University of Strathclyde is expanding its programmes...Read more
  • The Search for Talent: Six Major Employer Pitfalls PROMOTED | The Great Resignation continues unabated...Read more
  • Navigating the widening “Skills Confidence Gap” in 2022, and beyond PROMOTED | Cornerstone OnDemand conducted a global study...Read more
  • Apprenticeships are the solution to your recruitment problems PROMOTED | Apprenticeships have the pulling power...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2022

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2022 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+