Royal Bank of Scotland suspends two staff in forex scandal probe

Lynsey Barber
Follow Lynsey
RBS has now suspended five staff in total (Source: Getty)

Shares in Royal Bank of Scotland (RBS) edged one per cent lower today after it emerged it has suspended a further two employees amid an investigation into the rigging of foreign exchange markets.

The bank, which is 81 per cent owned by the taxpayer, said: “We can confirm that two members of staff have been suspended as part of the on-going FX investigation at the bank,” amid an ongoing internal investigation into forex trading at the bank.

The conduct of more than 50 past and present employees of the bank had been put under investigation, it was revealed in December, and the bonuses of 18 people suspended. The 50 staff included traders, supervisors and senior management.

Six senior staff members are under disciplinary processes, three of whom are on suspension. The latest suspensions bring that total number to five.

At the time, RBS head of conduct and regulatory affairs Jon Pain, who is leading the investigation, said: “We are undertaking a robust and thorough review into the actions of the traders that caused this wrongdoing and the management that oversaw it. This is a complicated process but also an essential one in order to identify culpability and accountability for this unacceptable misconduct."

The internal investigation into its foreign exchange trading and staff conduct was launched following the forex market rigging scandal which resulted in RBS and several other banks being fined hundreds-of-millions of pounds by US and UK regulators.

The bank expects to conclude its investigation at the beginning of the year.

Related articles