HSBC Confirms: Two Forex Traders in U.K. Suspended After Internal Investigation

Following reports in the media citing sources, FortuneZ’ reporters contacted the press office of Europe’s largest bank by market value, HSBC, and was given an official statement regarding news that it had let go two Forex Traders in wake of the FX rate manipulation probe that made headlines again today, it said in a short statement: “HSBC can confirm the suspension of two foreign exchange traders in London.”

According to people familiar with the matter, as told to members of FortuneZ’ research team, the action of suspending the two FX traders was related to an internal investigation that HSBC had conducted, and that it is continuing to investigate with the regulators. Bloomberg news reportedly cited the traders suspended by HSBC included Edward Pinto and Serge Sarramegna, according to a source that wished to remain private.

The news follows just days after Citi Group’s UK office was visited by U.S. regulators, after it let go of a senior FX dealer, reportedly over the multi-bank connected FX rate manipulation investigation, and when Deutsche Bank subsequently suspended a number of currency traders, as reported by FortuneZ.

Key entities under its corporate structure, including HSBC Holdings plc, HSBC Finance Corporation and HSBC Bank USA Inc, will report Annual Results on 24 February, 2014, shares of HSBC on the four different exchanges where it trades around the globe – had little changed in today’s session, up slightly in London, N.Y and Paris, and down in Hong Kong.

(Photo: Wikimedia Commons)

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