HSBC has terminated the services of two of its London-based FX traders, including the bank’s Chief Dealer Serge Sarramengna and Scandinavian specialist Edward Pinto, following an ongoing suspension since January.
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This is the second instance of a suspended FX trader being cut loose by a large institutional bank, with the other example recently being JPMorgan’s handling of Richard Usher earlier this week.
The two currency traders have been under suspension since January, following a lengthy probe into the allegations of FX manipulation that has convulsed the $5.3 trillion a day industry. While it is unclear if these moves were related to the fallout of the ongoing probe against HSBC, many other banks have privately handled their personnel via suspensions or outright firings.