Ex-Currency Traders in Singapore Admit to Cheating
Two ex-currency traders from Deutsche Bank AG and HSBC Holdings Plc has admitted to cheating the banks by conducting false trades. Former HSBC senior dealer Ivan Chng and ex-Deutsche Bank trader Toh Hway Khuan has admitted to using their banks account in 2009 to obtain preferred rates on the dollar.
The offenses happened around the time the Monetary Authority of Singapore was reviewing attempts by banks to rig currency benchmarks between 2007 and 2011.
News Source: Bloomberg
About Deutsche Bank
Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. Founded in 1870, it has 2,790 branches around the globe, thereof 1,827 in Germany. The bank provides banking services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals — through four business divisions: Corporate and Investment Banking, Global Markets, Deutsche Asset Management, as well as Private, Wealth and Commercial Clients.
- Origin : Frankfurt, Germany
- Assets : EUR 1.63 trillion
- Revenue : EUR 33.53 billion
- Employees : 101,104
Official Website: www.db.com
News & Media: Press Release
About HSBC
The Hong Kong and Shanghai Banking Corporation Limited (NYSE:HSBC) was established in 1865 to finance the growing trade between Europe, India and China. HSBC was born from one simple idea – a local bank serving international needs. Today, it covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America with around 4400 offices in both established and emerging markets, serving around 46 million customers through the Four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
- Origin : London, UK
- Assets : Euro 21.67 billion
- Revenue : Euro 721.3 million
- Employees : 266,000
Official Website: www.hsbc.com
News & Media: Press Release
Updated on 8th August 2016
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