JP Morgan's Global Chairman of Equity Capital Markets Ian Hannam has resigned from JP Morgan after being fined £450,000 by the FSA for passing on insider information.
Naturally, no criminal charges are being sought, and the £450,000 fine is less than half of Hannam's annual bonus.
Ian Hannam, one of the City's most enigmatic bankers, has resigned from JP Morgan after being fined £450,000 by the Financial Services Authority for market abuse related to passing on insider information.
The City watchdog said it had taken action against Mr Hannam, JP Morgan's Global Chairman of Equity Capital Markets, for relaying inside information about Heritage Oil to a client.
In two emails, which the FSA say breached disclosure rules, the regulator points to 11 words it claims makes Mr Hannam culpable.
"PS - Tony, has just found oil and it is looking good," said one email, describing a new oil field found by Heritage, one of JP Morgan's clients. That was sent in October 2008 and another email, the pervious month, contained information about a potential offer for Heritage.
Following the FSA release, Mr Hannam sent a memo to staff offering his resignation.
The ex-soldier turned banker, who has been nicknamed " king of the miners", will stay on to complete the £50bn Glencore Xstrata merger, expected to close by the end of the summer.