Traders Join Exodus as Forex Probes Add Pressure on Costs
This article is for subscribers only.
The foreign-exchange market is losing a slew of traders from big banks as a probe into alleged manipulation of benchmark rates widens and pressure mounts on the industry to reduce costs.
More than 30 traders from 11 firms have been fired, suspended, taken leaves of absence or retired since October, when regulators said they were investigating the market, according to data compiled by Bloomberg. London-based Barclays Plc and Zurich-based UBS AG have been the worst-hit, each suspending at least half a dozen employees, the data show.