J.P. Morgan & Co. said Monday it has suspended two employees during an internal investigation into "potential violations" of British stock exchange and regulatory trading rules on Friday.

In a release issued in London, Morgan said it began probing trades made in London Nov. 28 after questions were raised about a series of trades executed that afternoon.

The banking company did not name the traders or specify what trades are being scrutinized. But news agencies quoted a London spokesman for Morgan as saying the trades were related to over-the-counter options believed to be in Glaxo Wellcome shares. If so, the trades could have prompted unusual price moves observed in shares of that company late Friday amid thin trading.

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