| NEW YORK
NEW YORK May 6 Deutsche Bank AG has
fired a currency trader in Mexico in connection with
investigations into the alleged manipulation of the global
foreign exchange market, a source familiar with the matter said.
Marlene Galvan, vice president at Deutsche Bank and a
currency and derivatives trader, was dismissed on Tuesday, the
The source, who has direct knowledge of the matter, spoke on
condition of anonymity because the investigation is an internal
bank matter and is continuing. Deutsche Bank is the world's
largest foreign exchange trader.
Galvan could not be reached for comment. An employee at
Deutsche Bank's office in Mexico confirmed Galvan no longer
works for the bank as of Tuesday.
A Deutsche Bank spokeswoman in New York, Renee Calabro,
declined to comment. Via email, she sent the bank's standard
statement on the currency probe.
"Deutsche Bank has received requests for information from
regulatory authorities that are investigating trading in the
foreign exchange market," the bank statement said.
"The Bank is cooperating with those investigations, and will
take disciplinary action with regards to individuals if
According to her LinkedIn page, Galvan has been with
Deutsche Bank in Mexico since March 2007. Before that, she was a
currency trader at Grupo Financiero Banorte also in Mexico for
She studied economics at the Universidad Autonoma de Nuevo
Leon in Mexico and has a master's degree in finance at the
Instituto Tecnologico Autonomo de México.
Galvan is one of more than 30 employees at some of the
world's biggest banks to have been placed on leave, suspended or
fired in the course of the investigation by regulators into
alleged manipulation of key exchange rates.
In February, Deutsche Bank fired three New York-based
currency traders - Diego Moraiz, Robert Wallden and Christopher
Fahy. Moraiz was a managing director at Deutsche and the most
senior of the three New York traders.
Global financial regulators are looking into allegations
that traders at some of the world's biggest banks, including
Deutsche Bank, colluded to manipulate benchmark foreign-exchange
rates used to set the value of trillions of dollars of
investments, or the so-called WM/Reuters "fix."
Benchmark foreign exchange rates, often referred to as
fixes, are essential to global financial markets, and are used
to price trillions of dollars worth of investments and deals.
They are relied upon by companies, investors and central banks.
Deutsche Bank has been the biggest foreign exchange trader
in the world for nine years running, and accounted for 15.18
percent of global daily turnover in 2013, according to Euromoney
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Burns
and Andre Grenon)