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Deutsche Bank Said to Fire Currency Traders Amid Probe

Deutsche Bank Branch
Deutsche Bank AG has been examining employees’ electronic communications using search terms negotiated with regulators late last year, people familiar with the matter said last month. Photographer: Michael Nagle/Bloomberg

Deutsche Bank AG, the world’s biggest foreign-exchange dealer, dismissed three New York-based traders following an internal investigation into alleged manipulations, according to a person familiar with the matter.

Diego Moraiz, who dealt in Latin American currencies, Robert Wallden, who was questioned by the U.S. Federal Bureau of Investigation last year about his electronic communications concerning foreign-exchange markets, and Christopher Fahy were fired for inappropriate communications, according to the person, who asked not to be identified as the matter isn’t public.

The men didn’t immediately respond to messages left on their personal phones seeking comment.

Moraiz and Wallden had been suspended following the probe, the person said. Deutsche Bank has been examining employees’ electronic communications using search terms negotiated with regulators late last year, people familiar with the matter said last month.

“Deutsche Bank has received requests for information from regulatory authorities that are investigating trading in the foreign exchange market,” said Armin Niedermeier, a spokesman for the Frankfurt-based lender. “The bank is cooperating with those investigations, and will take disciplinary action with regards to individuals if merited.”

The move brings the number of people fired, suspended or put on leave by banks to at least 20 since Bloomberg News reported in June that employees at some firms shared information about their positions with counterparts at other banks. Lloyds Banking Group Plc suspended senior foreign exchange trader Martin Chantree this week following an internal investigation into alleged wrongdoing. Citigroup Inc., the second-biggest currency dealer, fired its head of European spot trading, Rohan Ramchandani, last month.

Reuters reported the Deutsche Bank dismissals yesterday.

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