According to a person familiar with the bank's decision, Lloyds Banking Group Plc suspended senior foreign exchange dealer as a probe on claims regarding the alleged manipulation of currencies is ongoing. Martin Chantree was forced on a sabbatical as Lloyds conduct an investigation according to the source, who refused to be identified. Chantree has worked for nine years at the London-based bank.
Bloomberg said earlier that the UK Financial Conduct Authority has launched an official investigation regarding to the allegations on employees sharing classified information regarding their positions with their peers at other banks. Chantree is the first currency trader that Lloyds has suspended and the 18th suspended, put on leave or fired due to the probe, the news agency said. Bloomberg clarified that Chantree has yet to be charged, nor are the banks and other traders been accused by the authorities.
Britain's biggest mortgage lender has already been asked by ther FCA to review their operations on currency trading and that the bank needs to report irregularities of any kind, people who had knowledge with the matter told the news agency back in November of last year.
In a statement, Lloyds said, "It is prudent to review our own foreign-exchange trading over recent years and we have commenced such a review. We will, of course, report anything we find to the relevant authorities and assist them as requested."
When asked about Chantree's suspension, Lloyds commented, "It is group policy not to comment on individual employees."
Bloomberg failed to obtain word from Chantree regarding her suspension, as she did not reply to emails and phone calls immediately for comment.
Aside from the currency manipulation probe, Lloyds has been thrust into the spotlight for various reasons. The bank's decision to cut half of its small business division employees resulted to a passionate campaign by UK business secretary Vince Cable to convince the bank to not retreat from providing small-scale lending services, said a report on the Guardian.
