IAN Hannam, one of the City’s most prolific dealmakers, yesterday told a court he backed a decision by his former employer JP Morgan to impose tough restrictions on his working practices.
Hannam, who is appealing a £450,000 fine for alleged market abuse, said the restrictions placed on him were similar to those placed on former colleague and vice-chairman at JP Morgan Cazenove David Mayhew in the mid-1980’s over the Guinness affair.
“JP Morgan did this as a direct consequence to protect themselves, their relationship with the Financial Services Authority and their clients,” he said. [They] acted as I would – the protection of the firm, the protection of the bank.”
Hannam is appealing a 2012 FSA decision notice on two instances of alleged market abuse over an oil deal. He continues testimony today. The tribunal continues.