Authorities begun investigations,regarding foreign exchange inquiry and in recent weeks, a number of banks have acknowledged that they are subject to those inquiries.Goldman Sachs (NYSE: GS) is seventh major bank confirming foreign exchange investigations.
Goldman Sachs confirms foreign exchange probeUSA TODAYGoldman Sachs is the latest major bank confirming that its foreign exchange trading is under investigation. In its third-quarter earnings report filed Thursday, the New York-based investment banki …
With the disclosure, Goldman Sachs (NYSE: GS) joined other global banks that previously confirmed investigations in the U.S. and Europe. Additional nine of the largest banks in currency trading have announced they are facing inquiries, including Deutsche Bank (NYSE:DB), Citigroup (NYSE: C), Barclays(BARC: LN) and UBS (NYSE:UBS).
Goldman Sachs confirms foreign exchange probe http://t.co/397MkqLZb3
Recent media reports stipulated that investigators are focusing in part on suspicion that traders at several banks colluded in efforts to manipulate the foreign exchange rates. The traders submitted coordinated transactions at times when the rates are set. Thus, this is important since, most money managers, pension funds, hedge funds and other institutional investors rely on the rates for executing their foreign exchange transactions.
Goldman Sachs confirms foreign exchange probe: Goldman Sachs is the latest major bank confirming that its fore… http://t.co/x7oErjtvqT