May 11, 2014 / 3:02 PM / in 4 years

Deutsche Bank says head of electronic forex trading has retired

FRANKFURT, May 11 (Reuters) - Deutsche Bank’s head of electronic forex trading systems has left, Germany’s biggest lender said on Sunday, confirming a report in German magazine Der Spiegel.

The bank said Robert Mandeno had retired. “He chose to retire months ago,” a spokeswoman said, following the report in Der Spiegel earlier on Sunday. She declined to comment further.

News of Mandeno’s departure comes only weeks after Deutsche Bank said its global head of forex trading Kevin Rodgers would leave in June, having informed the bank at the beginning of the year of his decision to retire from the industry to pursue other interests.

Regulators in the United States, Britain, Europe and Asia are looking into whether traders at around 15 of the world’s biggest banks colluded to use client order information improperly to influence the daily “fixes” of benchmark exchange rates in the $5 trillion-a-day foreign exchange rate market.

Der Spiegel cited Deutsche Bank insiders as saying that there were no allegations against Mandeno or Rogers.

Deutsche Bank is among 12 large banks which have been sued in a consolidated antitrust lawsuit in the United States by investors who claim they conspired to rig prices in the currency market. (Reporting by Thomas Atkins; Writing by Harro ten Wolde; Editing by Greg Mahlich)

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