Darren Coote, the Global Head of Spot Foreign Exchange at Lloyds Banking Group Plc. has resigned from his position for personal reasons, leaving a notable void in the company’s forex department, according to a Bloomberg report.
The forex industry has been roiled by a series of sweeping probes as regulators attempt to unravel widespread allegations of collusion, culminating in an exodus of leading personnel via suspensions or leave. However, according to people close to the company, Forex Magnates has confirmed that Coote’s departure from Lloyds is indeed unrelated to the ongoing probe, and Coote’s resignation was due strictly to personal reasons.
According to a company spokesperson in an email to Forex Magnates reporters, “it is Group policy that we do not comment on individual employees.” Coote has been with Lloyds since December 2011 when he joined the firm from UBS AG – like Lloyds, Coote was employed as the Global head of spot exchange at UBS.
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Lloyds Remains In Spotlight Amidst FX Allegations
Lloyds Banking Group has certainly not lacked coverage lately, namely its recent suspensions, including Senior Currency trader Martin Chantree, along with the execution of a rigorous probe. Lloyds is just one of many banks that has been browbeaten by an assortment of global regulators all vying for the truth in a $5.3 trillion-a-day industry.
Lloyds (LLOY:LON) has also had a forgettable 2014 campaign for shareholders thus far, as the share price presently is hovering at $71.34 (£42.62), its lowest price since last July after peaking earlier this January at $86.87 (£51.90). According to Forex Magnates research, the share price is hovering at a critical support price at $71.00 (£42.41).