Bonuses on hold for forex teams

Three of the banks implicated in foreign exchange rigging are holding off on bonuses until the results of internal investigations, says the Financial Times.

By Staff | March 18, 2014 | Last updated on March 18, 2014

1 min read

Three of the banks implicated in foreign exchange rigging are holding off on bonuses until the results of internal investigations, says the Financial Times.

Read: BoC considers loonie exchange-rigging

The Royal Bank of Scotland, Citigroup and Barclays have frozen bonuses for forex traders and their colleagues. The bonuses could be worth as much as $2 million each for senior traders, says FT.

Regulators in the U.S. and Europe are looking into allegations that traders at several banks colluded to rig foreign exchange rates. More than 25 people at 11 banks, and the Bank of England, have been suspended or dismissed since the start of investigations. No charges have been laid so far.

Read more here.

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