Deutsche bank fires currency traders

Deutsche bank fires currency traders

Posted: gexogensib Date: 24.05.2017
deutsche bank fires currency traders

NEW YORK Deutsche Bank AG DBKGN. DE has fired three New York-based currency traders, in the latest sign that a probe over 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.

Deutsche Bank said to fire 3 NY currency traders |

The terminations come as authorities around the world, including Britain's Financial Conduct Authority and the U. 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 AG UBSN. N and Citigroup Inc C.

N , have said they are cooperating with the probes. Several banks have suspended or fired traders. Earlier in December, Deutsche had suspended Moraiz, a source told Reuters previously. Moraiz, who had been with Deutsche Bank since and is close to 50, was the head of its emerging markets foreign exchange trading desk and specialized in trading the Mexican peso. He was a managing director, and the most senior of the three traders to be terminated on Tuesday.

The Wall Street Journal reported in November that FBI agents had visited Wallden's home, where they showed him transcripts of an electronic chat in which he appeared to boast about trying to manipulate forex markets. Reuters is the news and media division of Thomson Reuters.

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