January 10, 2014 / 8:52 PM / 6 years ago

Citi's European spot forex head trader Ramchandani out amid probe

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid

NEW YORK (Reuters) - Citigroup’s head of European spot foreign exchange trading, Rohan Ramchandani, has left the global bank, a spokesperson told Reuters on Friday.

“He is no longer with Citi,” bank spokeswoman Danielle Romero-Apsilos told Reuters.

Asked if Ramchandani, who has been based in London, had been fired amid a global investigation into possible manipulation of currency markets, Romero-Apsilos declined further comment.

Sources have said that Ramchandani came under scrutiny in the currency market probe.

Ramchandani took leave from the bank in October, a source familiar with the situation said. At that time, the source said Ramchandani had not been suspended, nor was he accused of any wrongdoing and remained a full-time employee of Citigroup.

Last year, Britain’s Financial Conduct Authority began a formal investigation into possible manipulation in the $5.3 trillion-a-day-global FX market. The U.S. Justice Department is also engaged in an active investigation of possible manipulation of the market, the world’s largest.

Ramchandani, as of December 2012, was listed among the 13-strong member Bank of England Joint Standing Committee’s chief dealers group.

The Wall Street Journal earlier on Friday reported that Ramchandani had been fired by the bank.

Citigroup is one of several banks cooperating with regulators in their investigations. Deutsche Bank, UBS, Barclays Royal Bank of Scotland and Barclays have all said they were cooperating with regulators scrutinizing the market.

Additional reporting by Dan Wilchins and Gertrude Chavez-Dreyfuss; Editing by Leslie Adler

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