Trainee bankers at JP Morgan sacked after cheating at 'basic' maths test
Trainee analysts at a leading investment bank's New York office have been sacked after they were caught cheating in a "basic" maths test, the Telegraph understands.
The disgraced junior bankers are said to have been told to pay for their own flights home after instructors discovered the foul play, the Telegraph understands.
It is understood that nearly a dozen of the trainee analysts at JP Morgan, some of whom are British graduates, were caught sneaking notes into the exam room or copying fellow trainees' answers.
The firm's prestigious trainee scheme is among the most competitive in the world, with most successful candidates coming from elite private schools and universities such as Harvard, Oxford and Cambridge.
JP Morgan staff told the Telegraph that the accounting tests were unlikely to have been very difficult, but claimed cheating was commonplace.
They test what would be pretty basic maths and economics questions to a graduate.
It comes as another American firm, Goldman Sachs, admitted to dismissing around 20 junior analysts at its London and New York offices for the same misdemeanour.
A JP Morgan source told the Telegraph: "The exams are relatively easy to cheat on and people have cheated on them in the past. They are under a lot of pressure to pass them.
"At the same time I don't think they are that hard. They test what would be pretty basic maths and economics questions to a graduate. There is an accounting element to it. Sometimes it's just putting things into a spreadsheet."