Top JPM banker quits after market abuse fine

LONDON (Reuters) – One of London’s most prominent bankers was fined 450,000 pounds ($720,000) for passing on inside information in a case that will embarrass his employer J.P. Morgan Cazenove and which marks a push by British regulators to target high-profile figures.

Top “rainmaker” Ian Hannam resigned on Tuesday, to fight the fine imposed by the Financial Services Authority (FSA) in relation to 2008 emails that contained information about one of his clients, Heritage Oil.

The gruff former special forces soldier, who rose from humble beginnings, is the fifth person to be fined in relation to improper disclosure this year by the regulator, which has previously been accused of being ineffectual in its fight against financial crime. Of the five, Hannam is the most prominent.

Hannam resigned from his position as JPMorgan’s Global Chairman of Equity Capital Markets, after two decades at the firm, JPMorgan informed staff in an internal memo, which became the talk of the London financial world.

Hannam, a veteran banker in his fifties with a focus on resources and mining and whose current deals include advising miner Xstrata (XTA.L) on its merger with Glencore (GLEN.L), said he had fully cooperated with the FSA and would appeal against the decision.