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 today.
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 $4.3 billion last month, the source said.
Scott's dismissal, first reported by the Wall Street Journal, 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 $618m in the FX settlements with Britain's Financial Conduct Authority and US authorities last month - $343m to the FCA and $275m 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.
