Banc One's former head of mutual funds has been banned from the industry for two years as part of a $90m (€75m) settlement with Eliot Spitzer, the New York state attorney general, over market timing allegations. It comes just two days before the completion of the bank's $57bn merger with JP Morgan Chase.

Mark Beeson, who led the bank's $100bn mutual fund arm will, together with his ban, pay a penalty of $100,000.