Lichten said that JP Morgan had a record year in forex in London and New York: "Everything is heading in the right direction for us," he said. He added that Burke had been planning the sabbatical for some time, and will not be replaced.
Meanwhile, Goldman Sachs is said to be merging its global forex group with rates under the New York-based head of North American rates, Ashok Varadhan. The change follows the forthcoming transfer of Bob McTamaney, co-head of global forex, from London to Tokyo. It is also understood that his counterpart, Gregg Tebbe, will retire at the end of the year. McTamaney will move to the bank's pan-Asian securities business.