The Monetary Authority of Singapore has launched an investigation into JPMorgan Chase & Co.'s precious metals trading business, Reuters reported Dec. 19, citing "people familiar with the situation."
Sources told Reuters that JPMorgan placed Tonny Ka, the head precious metals trader in Singapore, on leave. Donald Turnbull, a New York-based employee who recently led the company's global precious metals trading operation, has left the company, replaced by Scott Willig, a commodities trader, according to the report. Meanwhile, staff in the global precious metals trading business has dropped to about six people, Reuters reported.
A spokeswoman for the Singaporean regulator told Reuters that the authority does not provide comments on its dealings with financial institutions.
JPMorgan's precious metals trading activities have attracted scrutiny from authorities in other countries as well. The U.K. Financial Conduct Authority is reportedly investigating alleged precious metals market manipulation by JPMorgan traders. The U.S. Department of Justice has filed related charges against six current or former JPMorgan traders, two of whom have pleaded guilty, according to Reuters.