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Deutsche Bank traders fired

Deutsche Bank has dismissed three New York-based currency traders in the wake of a probe into alleged manipulation of foreign exchange markets. Diego Moraiz, Robert Wallden and Christopher Fahy were terminated by the bank. The bank said it has received requests for information from regulatory authorities that are investigating trading in the foreign exchange market and the bank is cooperating with those investigations, and will take disciplinary action with regards to individuals if merited. The terminations come as authorities around the world, including Britain’s Financial Conduct Authority and the US Justice Department investigate possible manipulation in the US$5.3 trillion-a-day global forex market. Investigators are looking at activity around benchmark foreign exchange rates, often referred to as fixes, which are used to price trillions of dollars worth of investments and deals and relied upon by companies, investors and central banks. Many of the largest global banks, including Deutsche Bank, UBS, JPMorgan Chase and Citigroup, have said they are co-operating with the probes. Several banks have suspended or fired traders.

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