HSBC has dismissed a top foreign exchange trading executive following the £389m fine it received from US and UK regulators over market manipulation.
Stuart Scott, head of forex trading for Europe, the Middle East and Africa (EMEA), was let go on Tuesday according to reports.
HSBC’s Forex trading division has cost the bank hundreds of millions of pounds in fines due to rate-rigging in the market which has $5.3 trillion traded on it every day.
HSBC was fined £216.4m by the Financial Conduct Authority (FCA) last month for “failing to control business practices” in their foreign exchange trading operations.
Along with four other banks, HSBC was accused of undermining confidence in the UK’s financial system and putting its integrity at risk.
On top of that it was fined £173m by the US Commodity Futures Trading Commission.
HSBC is currently under investigation by the US Department of Justice and the Serious Fraud Office as part of a foreign exchange probe.
Following the hefty fines last month, HSBC commented that it “does not tolerate improper conduct and will take whatever action is appropriate.”
HSBC declined to comment on Scott’s departure when contacted by City AM.
In 2007 Scott picked up the FX Week award for the best bank for EMEA.