More junior bankers have been fired for cheating, this time at JP Morgan
They had to pay for their own flights home from New York
Jack CummingsJP Morgan have sacked 12 junior accountants after they were caught cheating on their exams, including at least two Brits who flew over for the job.
They were rumoured to have been caught after bringing “illicit material” into the exams at the bank’s New York head office.
It’s one of the most prestigious grad schemes in the world based at the bank’s American HQ, but at least two British trainees are on their way home.
Almost exactly the same thing happened last week over at Goldman Sachs in London, where 20 trainee analysts were kicked out after being caught Googling the answers on Goldman-issued devices.
But this time the sacked employees have had to pay for their own flights all the way back from New York, instead of just a shamed tube ride home.
At least two of the sacked JP Morgan junior accountants were sacked from the New York office
A JP Morgan spokeswoman said: “This behaviour was entirely unacceptable and is not tolerated at our firm.”
The exams cheats were found out in one of the internal tests at JP Morgan’s New York HQ, where staff are flown in from all over the world for intense training.
Apparently helping out colleagues in tests has been fairly normal in the past, but after the banking crisis, managers have clamped down on any kind of cheating.
A trainee analyst at a rival firm told The Tab: “The culture can require people to cheat to keep up with their peers.
“I know that the exams are tough, because I’ve heard that a lot of studying is required to pass them.
“That combined with the long hours that some of us work (often 12 hour days), can make it more likely for people to cheat.”