The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

London (AFP) – Barclays has suspended six traders while it investigates the possible manipulation of foreign exchange markets, a source said on Friday.

The state-rescued Royal Bank of Scotland (RBS) also suspended two of its traders on Thursday as part of the international probe, another source said.

Barclays declined to comment, but a source close to the matter confirmed that six employees had been suspended.

Some of the six were reportedly based outside Britain.

Deutsche Bank, Swiss bank UBS and U.S. banks Citigroup and JPMorgan Chase are also caught up in the forex probe.

RBS, which was bailed out by the taxpayer following the 2008 financial crisis, said in a statement with its third quarter results on Friday that it had been contacted by Britain’s Financial Conduct Authority (FCA) and other authorities over the probe.

It added: “The group is reviewing communications and procedures relating to certain currency exchange benchmark rates as well as foreign exchange trading activity and is cooperating with these investigations.

“At this stage, the group cannot estimate reliably what effect, if any, the outcome of the investigation may have on the group.”

RBS chief executive Ross McEwan refused to comment on the case, but said the bank will “come down very severely on anyone we discover has been breaking the rules”.

AFP Photo/Andrew Cowie

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Ken Bennett

This article was produced by Voting Booth, a project of the Independent Media Institute.

Ken Bennett, the Arizona State Senate's liaison to its review of 2020's presidential election ballots, threatened to resign from that post live on conservative talk radio on Monday, saying that Cyber Ninjas, the Senate's pro-Trump contractors, have concealed their results from him for months and could even be manipulating audit data.

Keep reading... Show less

Jeff Danziger lives in New York City. He is represented by CWS Syndicate and the Washington Post Writers Group. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons and one novel. Visit him at DanzigerCartoons.

x

Close