JP Morgan's Hannam resigns after market abuse fine

JP Morgan's Ian Hannam, one of its most senior London-based bankers, has decided to resign after being fined by Britain's financial watchdog for market abuse, according to an internal memo the bank sent to staff.

In a separate statement, Hannam said he would appeal the 450,000 pounds fine by the FSA.

"I am appealing a decision notice issued by the FSA today and have consequently decided to resign from JP Morgan," Hannam said in the emailed statement.

"I will complete my current client commitments and ensure a smooth handover of responsibilities. Appealing the case while still at the firm would be an unfair distraction to my clients and colleagues," Hannam said.