RBS chief 'cringed' after reading FX chats

RBS building

The chief executive of the Royal Bank of Scotland has said he 'cringed' when he saw copies of the chat room messages which talk of 'making free money' and 'keeping numpties out of the market'.

The BBC reports that groups of bankers who went by the exotic names of The A Team, The 3 Musketeers and The Players colluded to fix foreign exchange rates for the advantage of their banks.

And themselves.

The Financial Conduct Authority (FCA) helpfully published a selection of the messages - just so we could all see what was going on.

McEwan is one banking chief executive who has actually faced the media music today. Of course, his bank is 80% owned by the taxpayer, so he has more responsibility than most.

But the approach is certainly in contrast to the response of others. HSBC, for example, put out a one line statement this morning after the announcement of the record fines for foreign exchange manipulation.

To access the complete BBC article hit the link below:

RBS boss admits – I cringed when I read forex chat room messages

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