The latest settlement Wall Street bank Morgan Stanley entered into with the Federal Housing Finance Agency has forced the financial institution to increase its allocation of litigation costs to $1.2 billion.
One of the three currency traders Deutsche Bank reportedly fired in light of the investigations by regulators on foreign currency manipulation was the bank's unit head of emerging markets trading desk, a source told Bloomberg.
Following a series of investigations launched by US, UK and Swiss regulators on claims that foreign exchange rates are being rigged, majority of the top banks had taken steps like allocating costs for future settlement and dismissing traders to curb the effects of the financial scandal.
Lloyds Banking Group Plc has joined some of the major banks who have suspended, fired or laid off its currency traders as the UK Financial Conduct Authority started its investigation on claims that foreign exchange currency manipulation had taken place.
