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Citi, Goldman FX Heads Leaving In "Entirely Unrelated To FX Probe" Departures

Tyler Durden's picture




 

When Reuters reported earlier today that Anil Prasad, the global head of foreign exchange at Citigroup, the world's second largest currency trader, is leaving the bank, our ears perked up. The reason is the news overnight that according to the British financial watchdog, Martin Wheatley, the allegations for FX manipulation, "are every bit as bad as they have been with Libor" which supposedly means they are taking them seriously. Could this departure have anything to do with a probe that has already snared head FX trades at JPM, Deutsche and countless other banks? Well, Reuters promptly clarified that Prasad's departure is not related to the global investigation into allegations of currency market manipulation, a source familiar with the matter said. "Anil's decision is his own and entirely unrelated to the on-going FX investigations," the source said.

So we had little reason to believe that Prasad's departure is tied to the probe... Until we read this:

  • GOLDMAN SACHS HEAD OF FX TRADING STEVEN CHO TO LEAVE, DJ SAYS

Specifically, Cho was the global head of spot and forward FX trading.

And right on its heels, this:

  • LAWSKY SAID TO OPEN CURRENCY PROBE OF MORE THAN ONE DOZEN BANKS
  • LAWSKY SEEKING DOCUMENTS FROM BANKS INCLUDING DEUTSCHE BANK, GOLDMAN SACHS, BARCLAYS, CREDIT SUISSE-SOURCE
  • BANKS IN LAWSKY PROBE INCLUDE LLOYDS, STANDARD CHARTERED, SOCIETE GENERALE, RBS-SOURCE

And while we are willing to believe for now that these two shocking top-level departures by the key FX traders at the two most important banks have nothing to do with such chat rooms as the "The Cartel,” “The Bandits’ Club,” “One Team, One Dream” and "The Mafia", we sadly have our doubts.We will reserve judgment until the final Lawsky report is released of course.

One thing is certain: manipulating the USDJPY and its most important derivative: the S&P 500, suddenly became much more difficult.

 

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Wed, 02/05/2014 - 11:39 | 4404008 TeamDepends
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Man overboard (on purpose)!

Wed, 02/05/2014 - 11:45 | 4404040 takeaction
takeaction's picture

Off Topic...but...Jesse Ventura kicks CNBC in the balls.
 http://youtu.be/sk_rh26OtRk

Wed, 02/05/2014 - 11:50 | 4404080 Pladizow
Pladizow's picture

This sinking ship has a lot of rats!

Wed, 02/05/2014 - 14:17 | 4404540 sgt_doom
Wed, 02/05/2014 - 11:53 | 4404099 Temporalist
Temporalist's picture

If they had balls they would report news not just broadcast propaganda.

 

If CNBS were a gardening show their "green shoots" would have been poison ivy (or brugmansia which zombifies victims)

Wed, 02/05/2014 - 11:48 | 4404066 SAT 800
SAT 800's picture

"Entirely unrelated". --Rick, I'm shocked, shocked I say, to find that gambling has been going on here.

Wed, 02/05/2014 - 12:29 | 4404242 The Dunce
The Dunce's picture

You got to hand it to the banksters.  Those boys can literally get away with murder.  I wish I was smart enough to go to Harvard Business School.  Then I could throw my wife off a bridge and call it downsizing.  Bastards.

Wed, 02/05/2014 - 15:47 | 4404998 BillyTheBlade
BillyTheBlade's picture

By "leaving" don you mean "suicided"?

Wed, 02/05/2014 - 11:43 | 4404014 JustObserving
JustObserving's picture

Why are they not headed to jail instead of being allowed to gracefully resign with their millions?

Too big to jail?

Wed, 02/05/2014 - 11:47 | 4404063 Ness.
Ness.'s picture

See. Jon Corzine.

Wed, 02/05/2014 - 12:10 | 4404166 Temporalist
Temporalist's picture

FREE CORZINE!

fify

Wed, 02/05/2014 - 13:58 | 4404460 ArkansasAngie
ArkansasAngie's picture

They are not in jail because they were/are doing exactly what they have been told to do.  Keep the S&P up and FX under control is the only way the CB's have been able to hold this monstrosity together.

Wed, 02/05/2014 - 11:40 | 4404024 Sudden Debt
Sudden Debt's picture

'He will dedicate himself to his stamp collection which is in dire need of attention...'

Wed, 02/05/2014 - 11:50 | 4404079 SAT 800
SAT 800's picture

I'm sure you're right. "Entirely unrelated".  Just a co-incidence. of course, of course.

Wed, 02/05/2014 - 11:41 | 4404026 jcaz
jcaz's picture

Whoops, game is up, Cho-  disappear.

Wed, 02/05/2014 - 11:47 | 4404036 Dr. Engali
Dr. Engali's picture

It's funny how the CEOs never ever know about these rogue traders. I guess they are too busy doing God's work to mess with those pesky details.

Wed, 02/05/2014 - 14:23 | 4404566 RaceToTheBottom
RaceToTheBottom's picture

Yep SOX achieving all it's goals for those US stockmarket purchasers.  Having the CEOs and CFO sign off has achieved responsibity in the E ranks....

Wed, 02/05/2014 - 11:44 | 4404038 Winston Churchill
Winston Churchill's picture

Shocked, shocked  there is gambling going on here.

Wed, 02/05/2014 - 11:46 | 4404053 Ban KKiller
Ban KKiller's picture

Caught? Fixing? You don't say! Pay fifty dollar fine and retire with millions. Job well done boys...if you keep your mouths shut. Or else.

The great thing about a fall from heights is it destroys the bump to the back of the head. 

 

Wed, 02/05/2014 - 11:47 | 4404064 JonNadler
JonNadler's picture

they're just leaving so they can spend more time with family you know, to these guys family is important

Wed, 02/05/2014 - 11:50 | 4404070 williambanzai7
williambanzai7's picture

We wish him well in his future endeavors...

Wed, 02/05/2014 - 11:49 | 4404078 Sudden Debt
Sudden Debt's picture

A catch him if you can pic would be in place :)

Wed, 02/05/2014 - 11:50 | 4404072 Temporalist
Temporalist's picture

I heard Citi and Goldman have a corporate team building exercise that has a 4' fence and 40' embankment.

Wed, 02/05/2014 - 11:50 | 4404073 Cacete de Ouro
Cacete de Ouro's picture

Don't forget the London Gold Market Fixing Limited (SocGen, Barclays, Scotia, HSBC and dddDeutsche) and the London Silver Market Fixing Limited (Scotia, HSBC and dddDeutsche)

The 3pm Fixes are in boys.....

Wed, 02/05/2014 - 11:53 | 4404093 Dr.Engineer
Dr.Engineer's picture

Wonder how long before they wind up dead.

Wed, 02/05/2014 - 12:01 | 4404125 Calculus99
Calculus99's picture

Everytime I see the phrase the 'London Fix' re Gold I smile. Never a truer saying...

Wed, 02/05/2014 - 12:00 | 4404128 elOso
elOso's picture

ONE THING IS FOR SURE. NO OF THEM WILL BE GOING TO JAIL. not small time enough.

Wed, 02/05/2014 - 12:19 | 4404204 BanksterSlayer
BanksterSlayer's picture

They can't all commit suicide.

Wed, 02/05/2014 - 12:20 | 4404212 buzlightening
buzlightening's picture

Where the goon platoon criminal banksters goona hide all the bodies?  One nation under fraud! Saw it long ago! 

Wed, 02/05/2014 - 12:27 | 4404221 Killer the Buzzard
Killer the Buzzard's picture

ANIL GETS THE PROBE!

Wed, 02/05/2014 - 12:34 | 4404265 NuYawkFrankie
NuYawkFrankie's picture

... and Cho gets ho'ed

Wed, 02/05/2014 - 14:17 | 4404548 sgt_doom
sgt_doom's picture

Now that was waaaay tooo clever!

Wed, 02/05/2014 - 12:39 | 4404274 NuYawkFrankie
NuYawkFrankie's picture

I don't see a problem...

as long as they're leaving via a window above the 20th floor.

Wed, 02/05/2014 - 12:53 | 4404308 LaurentDeLyon
LaurentDeLyon's picture

I say : superb !

Wed, 02/05/2014 - 14:25 | 4404573 RaceToTheBottom
RaceToTheBottom's picture

Better to be retired than suicided.  For them.

For me, I would rather they are all suicided.

Wed, 02/05/2014 - 16:14 | 4405167 Randoom Thought
Randoom Thought's picture

So, like the generation of banking crooks before them, they get to leave their jobs with their stolen pile of cash and just fade away... good thing they did not steal a loaf of bread to feed their family, host a birthday party for kids or install a rainbarrel or they would be doing hard time.

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