Ex-JPMorgan staffers accused of bullion-market manipulation
Business Standard|August 11, 2022
The jury will begin deliberations on the case late on Friday
Ex-JPMorgan staffers accused of bullion-market manipulation

BLOOMBERG 10 August The trial of JPMorgan Chase & Co's former head of precious metals has offered unprecedented insights into the trading desk that dominates the global gold market.

Michael Nowak, who ran precious metals trading at JPMorgan for over a decade, is being tried in Chicago along with colleagues Gregg Smith and Jeffrey Ruffo for conspiring to manipulate gold and silver markets.

The focus now is on the jury, which began deliberations late Friday, but the proceedings have already shone a new light on the inner workings of the business, from its profitability and market share to its largest clients.

The court was shown internal figures detailing the bank's annual profits from precious metals, the first time such detailed information has ever been made public. JPMorgan's earnings reports don't break out the results from the precious metals desk, or even its broader commodities unit.

This story is from the August 11, 2022 edition of Business Standard.

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This story is from the August 11, 2022 edition of Business Standard.

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