BofA said to suspend trader over currency market manipulation

Bank Of America Building

The worldwide investigation into allegations of manipulation in the global currency market took another twist on Thursday, as Bank of America suspended a senior trader in London, a source familiar with the matter said on Thursday.

Reuters reports that Bank of America-Merrill Lynch, the investment banking arm of the lender, allegedly suspended Joseph Landes, head of spot trading for Europe, Middle East and Africa, as the bank carries out its investigations.

It adds Bank of America's name to the growing list of big banks including Citi, JP Morgan Chase, Barclays and UBS who have put on leave, suspended or fired more than 20 traders since the middle of last year.

The Bank of England on Wednesday suspended an employee as part of an internal probe into what Bank officials knew about alleged manipulation of key currency rates by traders.

The BoE also released on Wednesday minutes of meetings between its FX officials and chief dealers in London stretching back over several years that showed concerns over possible manipulation were raised as far back as 2006.

To access the complete Reuters article hit the link below:

Bank of America suspends senior FX trader in London - source

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