The global investigation into the manipulation of foreign exchange markets intensified yesterday when Deutsche Bank, the world’s largest forex trader, became the latest bank to suspend several of its employees.
Deutsche, the world’s most powerful bank in forex trading, put several middle-ranking traders in New York and other Americas locations on leave late last year, people close to the situation said. The move comes after it examined emails and communications amid a global probe into possible manipulation and collusion in the $5.3tn a day currency market.
Banks’ internal probes, initiated by regulators in Europe and the US with help from Asian authorities, have so far led to more than a dozen traders across the world’s largest lenders being fired or suspended.