A Deutsche Bank foreign exchange trader has reportedly been sacked and is under investigation over inflated trades costing the investment bank up to $5 million.
The Australian Financial Review says Deutsche Bank confirmed that former currency trader Andy Donaldson was first suspended and then fired in June of this year.
Deutsche Bank’s local chief executive James McMurdo declined to comment on the matter.
But the AFR says a spokesperson for Deutsche Bank confirmed that “the bank recently dismissed a trader after checks uncovered irregularities in how he recorded his trading activities”.
The bank says this is an internal issue only and “the sum involved was not material to the bank”.
The Australian Securities and Investment Commission and the Australian Prudential Regulation Authorities are working with Deutsche Bank to investigate.
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