Deutsche Bank

Deutsche Bank fires three currency traders amid regulatory probe

PUBLISHED : Wednesday, 05 February, 2014, 12:46pm
UPDATED : Wednesday, 05 February, 2014, 12:46pm

Deutsche Bank has fired three New York-based currency traders, in the latest sign that a probe into alleged manipulation of foreign exchange markets is gathering steam, according to a source familiar with the situation.

Diego Moraiz, Robert Wallden and Christopher Fahy were terminated by the bank, which told trading floor staff of the development on Tuesday, according to the source.

The three traders could not be reached for comment.

“Deutsche Bank has received requests for information from regulatory authorities that are investigating trading in the foreign exchange market,” a bank spokeswoman said in an e-mailed statement.

“The bank is co-operating with those investigations, and will take disciplinary action with regards to individuals if merited.”

The terminations come as authorities around the world, including Britain’s Financial Conduct Authority and the US Justice Department, investigate possible manipulation in the US$5.3 trillion-a-day global forex market.

Investigators are looking at activity around benchmark foreign exchange rates, often referred to as fixes, which are used to price trillions of dollars worth of investments and deals and relied upon by companies, investors and central banks.

Many of the largest global banks, including Deutsche Bank, UBS, JPMorgan Chase and Citigroup, have said they are co-operating with the probes. Several banks have suspended or fired traders.