Citigroup and JPMorgan are putting their top London currency dealers on leave after regulators probing the manipulation of foreign-exchange rates started investigating the traders’ use of an instant-message group, three people with knowledge of the moves said.
Bloomberg reports that Rohan Ramchandani, Citigroup’s head of European spot trading, was told Wednesday he will be placed on leave, said one of the people who asked not to be identified because he wasn’t authorized to talk publicly.
Richard Usher, JPMorgan’s chief dealer in London, went on leave two weeks ago, said another person. Both are taking leave by mutual agreement with their employers and neither has been suspended, the people said.
Standard Chartered has also placed Matt Gardiner, its assistant chief dealer in the U.K. capital, on leave, a fourth person said on 29th October. None of the traders has been accused of any wrongdoing.
Regulators are focusing on an instant-message group the traders set up to share information about their positions and client orders over a period of at least three years, four people with knowledge of the probe said this month. The roster of banks in the group changed as the men moved firms and also included Barclays, Royal Bank of Scotland and UBS, three people with knowledge of the communications said.
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