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Citi, HSBC suspend traders amid FX probe

  • As U.S. investigators arrive in London to work alongside U.K. counterparts, Citigroup (C -0.3%) and HSBC today both suspended foreign exchange traders, reports Reuters.
  • One Citi trader is based in NYC, the other in London, and both are G10 spot currency traders. A bank spokesman says they've been sent on "leave." Reuters' source at Citi says they were suspended after an investigation into chat room communications.
  • The two HSBC traders are based in London, and one of them - at least in the past - was head of the bank's G10 spot FX desk.
  • The four are the latest in a line of suspensions and now firings as Citi one week ago let go its head of European spot FX trading.
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