Rohan Ramchandani, a former senior currency trader with Citigroup (NYSE: C) who was let go in connection with global probes into FX market manipulation, has left his new job after just 3 months according to the Wall Street Journal.
Mr. Ramchandani joined brokerage London Capital Group (LON:LCG) in September as chief adviser for FX spot trading and risk management. His last day in the office was today, December 5th. People familiar with the matter say, Mr. Ramchandani is leaving his new role on amicable terms, and he isn’t moving to a new job. London Capital Group’s new owner Charles-Henri Sabet was quoted in a statement as saying, “This has been a personal decision for Rohan…”
Mr. Ramchandani was fired by Citigroup in January in connection with the months long investigation into alleged wrongdoing in the FX market. He was a member of a small chat room with other traders dubbed “The Cartel,” transcripts of which show refer to traders outside of the circle as “numpties”—a semi-affectionate British slang term for fools.
Authorities in the U.S. and U.K. last month listed Citigroup among six firms that had failed adequately to monitor their traders, leaving them to improperly share information and create inappropriate conflicts of interests with customers. Citigroup did not dispute the regulators’ findings and agreed to pay a total of $1.02 billion in fines. Citi was fined the most of the six banks involved, just outstripping the $1.01 billion levied on J.P. Morgan.
Electronic chat conversations Mr. Ramchandani, previously Citigroup’s chief G10 FX dealer in London, were cited extensively in November’s settlement documents, according to people familiar with the matter, though the settlement documents don’t link him to the quotes and he has has not been charged with any wrong doings.
LCG has recently made a series of further appointments of outside directors to the newly rejuvenated company in a bid to shake things up. The stagnant public firm has been looking for a turn around after share prices hit bottom earlier this year. Unfortunately for Mr. Ramchandani and London Capital Group, he is no longer a part of these efforts.
Source: Wall Street Journal