HSBC fires head of forex trading in London

Section:

From Dow Jones Newswires
via The Australian, Sydney
Wednesday, December 10, 2014

HSBC Holdings Plc has dismissed Stuart Scott, its London-based head of currencies trading, in connection with the global investigations that have led to the bank paying $620 million in fines on both sides of the Atlantic, according to a person familiar with the matter.

Mr Scott was fired on December 9 from a role that involved supervising the bank's foreign-exchange trading operations. He joined the bank in 2007, according to the UK financial regulator's register. Reached by phone, he declined to comment.

US, British, and Swiss regulators in November imposed a total of $4.3 billion in penalties against six banks, including HSBC, for failing to stop employees from improperly sharing confidential information with rival banks and for attempting to boost currencies-trading profits at their customers' expense. HSBC and the other five banks didn't dispute the regulators' findings. HSBC said at the time that it "does not tolerate improper conduct." ...

... For the remainder of the report:

http://www.theaustralian.com.au/business/latest/hsbc-fires-london-head-o...



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