Nearly a dozen junior bankers, some from the U.K., have been sacked by JPMorgan in New York after being discovered “cheating” at a basic math test, according to a report in The Telegraph newspaper.
The trainee bankers are said to have been told to pay for their own flights home after instructors discovered that they were sneaking notes into the exam room or copying fellow trainees’ answers.
JPMorgan staff told the U.K. newspaper that the accounting tests were unlikely to have been very difficult, but claimed cheating was commonplace.
JPMorgan’s prestigious trainee scheme is highly competitive and many of the investment banking trainees have attended universities such as Harvard, Oxford and Cambridge, posing the question as to why they needed to cheat in the first place.
Read MoreWho’s hiring 2015 college grads?
The report comes after another American banking behemoth, Goldman Sachs, fired around 20 junior analysts at its London and New York offices for the same misdemeanor.
Both banks told the Telegraph that cheating was entirely unacceptable and was not tolerated at their firms.
To read more on the original story, click here.
Follow us on Twitter: @CNBCWorld