- JPMorgan has placed Rob Allen, its top US Treasuries trader, on leave pending a review of his electronic messages, according to people familiar with the matter.
- Allen didn’t return calls seeking comment and a message sent to the JPMorgan email address listed on his Bloomberg terminal profile bounced back.
- His leave comes roughly four months after the bank removed a handful of interest-rates traders from the trading floor and turned off their Bloomberg terminals while it investigated their behavior.
- Visit Business Insider’s homepage for more stories.
JPMorgan has placed yet another fixed-income trader on leave.
This week, the bank placed head of US Treasuries trading Rob Allen on leave, according to people familiar with the matter. Allen was removed from the trading floor while the bank reviews whether he engaged in conduct that breached company policy, according to one of the people.
Allen didn’t return a call seeking comment and a message sent to a JPMorgan email address listed on his Bloomberg terminal bounced back.
He joined JPMorgan in 2009 after spending the previous eight years at Bank of America, according to industry records. He began his Wall Street career in 1999 at Lehman Brothers.
His leave comes roughly four months after the bank removed a handful of interest-rates traders — at least two in New York and one in London — from the trading floor and turned off their Bloomberg terminals while it investigated their behavior. Some of those traders were on Allen’s team.
Sal Pallante and Rahmaan Streater, executive directors from the US interest-rate trading desk, were among those put on leave from their trading responsibilities, people familiar with the probe said that month.
Allen’s removal from the trading floor is linked to those of his interest rate colleagues, one of the people said. Industry sources, including people who have spoken with the traders put on leave in March, said their conduct in question took place on the Bloomberg terminal chat platform.
While Wall Street traders regularly conduct business over Instant Bloomberg, the terminal’s chat feature, messages sent over other platforms are often prohibited. In January, the bank placed credit trader Edward Koo on leave during a review of whether he violated policies by chatting with colleagues on the Facebook-owned WhatsApp encrypted messaging platform.
A generation of Wall Street traders have been ensnared by conducting improper communications on chat platforms like Instant Bloomberg chat, and increasingly WhatsApp. Authorities investigating the foreign-exchange and Libor rigging scandals of the past decade, for example, routinely made a case by looking at transcripts of Bloomberg chat messages. Their legal proceedings abound with colorful language pulled from the communications.
Read more:
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