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Goldman Sachs discloses foreign exchange probe

AFP | Last Updated: Thursday, November 7, 2013 - 22:13

New York: Goldman Sachs Thursday said its currency trading was being probed by regulators, joining a list of large financial institutions that have disclosed foreign exchange investigations in recent days.

A quarterly Goldman securities filing said its forex trading is one of several areas of the bank's business that has been "subject to a number of other investigations and reviews" by regulators and, in some cases, received subpoenas.

In recent days, HSBC, Barclays, RBS and Citigroup have acknowledged they are being examined as part of an international probe by regulators into manipulation on the foreign exchange market.

According to sources close to the matter, Barclays has suspended six traders while it investigates the possible manipulation of foreign exchange markets and RBS has suspended two.

The banking sector has already been shaken by charges and arrests related to the rigging of the Libor interbank interest rate used for determining many financial and interest rate contracts around the world.

First Published: Thursday, November 7, 2013 - 22:13
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