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 source said.
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 merited."
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 nine years.
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 magazine. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Burns and Andre Grenon)