Citi and Deutsche Bank under close scrutiny in forex investigation

Citi Building Canary Wharf

Global investigations into alleged currency market manipulation intensified on Wednesday as U.S. regulators descended on Citigroup's London offices and Deutsche Bank suspended several traders in New York, sources told Reuters.

The news agency reports that the presence of Federal Reserve and Office of the Comptroller of the Currency officials at Citi's Canary Wharf office in the east of London this week comes after Citi last week fired its head of European spot foreign exchange trading, Rohan Ramchandani, following a prolonged period on leave, one source familiar with the matter said.

The suspensions of staff at Deutsche Bank in New York and possibly elsewhere in the Americas followed investigations into 'communications across number of currencies'. a second source said.

These are the latest developments in the worldwide investigation into allegations that traders at some of the world's biggest banks colluded to manipulate the largely unregulated $5.3tril-a-day foreign exchange market, by far the world's biggest.

To access the complete Reuters article hit the link below:

Deutsche, Citi feel the heat of widening FX investigation

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