The Business Times

HSBC dismisses head of FX trading for EMEA: source

Published Wed, Dec 10, 2014 · 12:16 PM

[LONDON] British bank HSBC has dismissed its head of foreign exchange trading for Europe, Middle East and Africa, Stuart Scott, a source with knowledge of the decision said on Wednesday.

"He has gone," the source said, adding that the move was broadly in the context of a global investigation into manipulation of currency markets which saw HSBC and five other banks fined a total of US$4.3 billion last month.

Mr Scott was not reachable at the bank for comment.

Heidi Ashley, spokeswoman for HSBC in London, declined to comment.

Mr Scott's dismissal, first reported by the Wall Street Journal on Wednesday, follows the departure of two London-based currency traders at HSBC in October.

They were Serge Sarramegna, who had been the bank's UK head of G10 foreign exchange cash trading, and Edward Pinto, who traded Scandinavian currencies. Both were fired after being suspended in January.

HSBC last month paid US$618 million in the FX settlements with Britain's Financial Conduct Authority and US authorities last month - US$343 million to the FCA and US$275 million to the US authorities.

Sources told Reuters last month that officials from the US Department of Justice will interview current or former employees at HSBC in London as part of their ongoing investigations.


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