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article imageBank of America suspends senior FX trader in London: source

    Mar 6, 2014 in Business

LONDON (Reuters) - Bank of America has suspended a senior foreign exchange trader in London, a source familiar with the matter said on Thursday.

Joseph Landes, head of spot trading for Europe, Middle East and Africa, has been put on leave as the bank investigates allegations of currency manipulation.

Landes couldn't be reached immediately and Bank of America declined to comment.

This is the latest twist in the global investigation into allegations of price manipulation in the $5.3 trillion-a-day foreign exchange market, the world's largest financial market.

It adds Bank of America's name to the growing list of big banks who have put on leave, suspended or fired more than 20 traders since the middle of last year.

The Bank of England on Wednesday suspended an employee as part of an internal probe into what Bank officials knew about alleged manipulation of key currency rates by traders.

(Reporting by Jamie McGeever; Editing by Nigel Stephenson)

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