The London-based HSBC head of foreign exchange trading for Europe, the Middle East and Africa has been sacked.
Stuart Scott was dismissed from his role on Tuesday, according to sources. HSBC declined to comment.
The dismissal comes in the wake of the investigations launched by authorities on both sides of the Atlantic.
In 2007, Mr Scott won the FX Week annual award for Best Bank for Emerging European, Middle-Eastern and African Currencies.
Last month, a forex trader at investment bank Goldman Sachs' London office left his job following claims of misconduct during previous employment at HSBC.
During his time at HSBC the trader, Frank Cahill, worked for Mr Scott.
Mr Cahill has not been accused of wrongdoing at Goldman Sachs.
The HSBC dismissal is the latest chapter in a succession of wrongdoing claims to hit the banking sector.
Other banks, including Barclays, remain under investigation into allegations that manipulation occurred in the forex industry.
Foreign exchange is a massive industry, with trades globally valued at more than £3tn daily.
City watchdog the Financial Conduct Authority (FCA) previously said that forex manipulation occurred at six banks during a five-year period to 2013.
HSBC has been fined a total of $618m (£394m) by US and UK authorities following investigations into rate-rigging.
The FCA discovered that trader groups gave themselves names such as The 3 Musketeers, The Co-operative and The Players amid attempts to rig key benchmarks.
The groups used chat rooms to swap information and prompt trades for their own benefit and not clients.
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