A void is appearing in the upper reaches of the world's biggest and most powerful financial market as banks struggle to replace currency traders suspended or fired during a global investigation into allegations of foreign exchange rate-rigging.
Reuters reports that recruitment firms and sources at some of the banks at the centre of the probe say there is huge reluctance to hire externally because replacements could be tainted by allegations of collusion themselves.
That leaves managers with the choice of promoting more junior staff into powerful chief and senior dealer positions or appointing staff from other units of the bank who are less familiar with the daily workings of the $5.3-tril-a-day forex market.
While the hiatus may be temporary as the investigation unfolds, it comes at a time when machine-driven algorithmic models have already replaced around two thirds of the spot FX dealers operating in London a decade ago, and there are growing concerns about staffing numbers in the industry.
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