Report - RBS trader alleged to have colluded with 'cartel'

Pointing Finger

A Royal Bank of Scotland trader fired amid the currency-rigging scandal plotted with members of the notorious ‘Cartel’ chat group and shared secret client orders with contacts at rival banks, a senior colleague told a London employment tribunal.

Bloomberg News reports that Ian Drysdale, who is suing the bank for unfair dismissal, would share information on competitor banks’ trading positions ahead of the so-called European Central Bank fix with 'particularly aggressive' members of the Cartel, Nicholas Bamber, head of U.K. corporate coverage for debt capital markets at RBS, said in a witness statement submitted to the tribunal Tuesday.

'Any long-standing banker should have recognized that this behavior was unacceptable', Bamber said.

Drysdale, who was suspended during the bank’s internal investigation into currency market manipulation and later fired, is suing the bank for breach of contract and unfair dismissal.

To access the complete Bloomberg News article hit the link below:

Fired RBS Trader Colluded With `Cartel,' Bank Colleague Alleges

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