US investigates BNP Paribas in currency manipulation probe

Pointing The Finger

The US Department of Justice has quizzed BNP Paribas executives as part of an investigation into the potential manipulation of the $5.3 tril-a-day currency market

The Daily Telegraph reports that BNP Paribas is being investigated for alleged currency manipulation, putting the French bank amongst a rapidly growing number of institutions caught up in the scandal.

The US Department of Justice has quizzed BNP Paribas executives as part of an investigation into the potential manipulation of a $5.3tril-a-day market, which could have affected the value of people's savings and pensions.

It is unclear whether UK authorities are also investigating the bank, which employs around 8,000 staff in Britain and which has had offices in London for more than 150 years.

BNP Paribas declined to comment.

Goldman Sachs, JP Morgan, Barclays and Citigroup have already admitted that they are being investigated by authorities in the US and Britain. No one has been accused of wrongdoing, but the latter three banks have suspended currency traders at the centre of the probe.

To access the complete Daily Telegraph article hit the link below:

BNP Paribas faces quiz on currency rate scandal

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image: © Lisamarie Babik

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