Bloomberg reports that a former JPMorgan London-based employee has taken the firm to a UK employment tribunal, claiming that she suffered racial bias during her year-long stint with the company.

Thai national Sumanee Tharapatn, who worked in a supervisory role in credit product control, says that she felt 'targeted' and 'bullied' by her line manager, and claimed that she was treated differently from white employees. Lawyers representing JPMorgan say that Ms Tharapatn was the subject of criticism, but only because the firm had issues with her management ability, delegation skills and product knowledge. The firm denies any bias because of Ms Tharapatn's nationality.

Reuters reports that JPMorgan Cazenove has just appointed former Barclays executive Naguib Kheraj as CEO, ahead of several senior internal candidates. Chairman David Mayhew said in a statement that 'both we and our clients are very fortunate that he will now be leading this firm as it consolidates its position as the UK's foremost investment bank, and builds on its international franchise'.

The news agency also reports that Nomura Holdings posted an unexpected loss of $712.8m for the 3 months to 30th June, after a fall-off in bond and stock trading and underwriting revenues.

The Wall Street Journal reports that Philip Bennett, the former Refco CEO who recently got banged up for 16 years after pleading guilty to a 20-count fraud indictment related to the failure of his firm, is to appeal his sentence.

Bloomberg reports some good news for UBS (at last). The Swiss bank has won the dismissal of a lawsuit brought by disgruntled investors in failed hedge fund Wood River Partners, who claimed that UBS improperly benefited from insider knowledge of the fund's trading strategy. The judge kicked out the case, saying that 'the facts alleged do not support the causes of action. The plaintiffs lack standing'.

The New York Times reports that US federal regulators filed charges Friday against unidentified individuals accused  of 'making suspiciously well-timed purchases of call options' ahead of deals involving DRS Technologies and America Power. The transactions are said to have been made through a UBS account in Zurich.

Finally, The Times reports that, according to the latest Bank of England / New York Fed FX currency survey, London pulled in an average $1.82 trillion in currency trading volumes each day in April, pushing further ahead of New York, which came in with a daily average of $714.9bn.

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