Barclays, Citigroup and Royal Bank of Scotland have frozen bonuses across swaths of their foreign exchange trading teams pending internal investigations into possible manipulation of key currency benchmarks.
The cash and share bonus suspensions are targeted on the wider team rather than just the traders under investigation, people close to the situation said.
The bonuses – which can be as high as $2m for top forex traders – will be withheld until reviews into potential wrongdoing in the banks’ currencies trading units are concluded. Those internal probes into allegations of collusion and price rigging have so far prompted the suspension, placing on leave, or firing of 25 staff across 11 banks and the Bank of England.
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