Ex-JPMorgan Banker Recounts UBS Dinner to Ease Desk Rival
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A former JPMorgan Chase & Co. banker told jurors at a bid-rigging trial about a dinner meeting at a Manhattan restaurant where municipal derivatives executives from his firm and UBS AG agreed not to compete with one another.
Alexander Wright took the witness stand in the criminal trial of Peter Ghavami, the former head of UBS’s municipal derivatives group, and told jurors about a dinner where bankers from the two firms agreed to “forestall head-to-head competition.” He said the meeting took place at Veritas, possibly in early 2001.