Just when you think it couldn't get any more embarrassing for JP Morgan's precious metals business and its embattled head, Michael Nowak, today it just did as the powerful London Bullion Market Association (LBMA) moved to oust Nowak, who has become too toxic, from the LBMA's board of directors.
According to the Financial Times:
"The London Bullion Market Association has removed Michael Nowak, JPMorgan's head of precious metals trading, from its board after he was indicted by the US Department of Justice for a "massive, multiyear scheme" to manipulate the precious metals markets.
"In light of the ongoing investigation by the Department of Justice, the LBMA, under the terms of its Articles of Association, has removed Mr Nowak from its board," the LBMA said.
The DoJ indictment is an embarrassment for the LBMA, which represents London's precious metals market, and launched a code of conduct for its members in 2017.
Mr Nowak's name was no longer listed on the LBMA's website as of Friday."