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US: Citigroup exec put on leave amid forex probes

By  |  October 31, 2013

A senior executive of Citigoup has reportedly been put on leave by the bank in the midst of instigations by multiple national competition authorities over allegations of manipulation of the globe’s foreign exchange market, reports say.

Citigroup head of European spot currency trading in London, Rohan Ramchandani, has been put on leave, an anonymous source told reporters Thursday.

Ramchandani has not been suspended, however, and remains a fulltime employee of the company. Further, he has not formally been accused or charged of any wrongdoing.

Both the employee and Citigroup declined to comment on the matter.

The UK’s Financial Conduct Authority, as well as the US Department of justice, launched investigations this month into the alleged market manipulation; Citigroup, Deutsche Bank, UBS and Barclays have all confirmed they are part of the probes’ scope.

Full content: Reuters

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