Two traders working at Royal Bank of Scotland (RBS) have been suspended in connection with an investigation surrounding the possible manipulation of foreign exchange (forex) rates, according to reports.
The suspensions come amid a widespread investigation by regulators into forex manipulation.
Regulators from the US, Switzerland and UK are presently investigating whether banks have been working together to manipulate exchange rates to their advantage.
The two RBS suspensions follow reports which say that London-based executives at three other major banks - Citigroup, JP Morgan and Standard Chartered - have been placed on leave.
It is believed that RBS is one of several banks thought to have been contacted by regulators over recent weeks about forex dealing.
Citigroup, Deutsche Bank and Barclays are all believed to have been contacted by regulators too.
RBS this morning declined to comment on the suspensions after unveiling its latest results.
The allegations which the regulators - including the Financial Conduct Authority (FCA) - are investigating, involve traders using instant messaging services to fix rates.
The new wave of regulatory investigation is reminiscent of the Libor-fixing scandal, which resulted in major banks paying out huge fines for conspiring to fix the London Interbank Offered Rate (Libor).
London currently accounts for around 40% of all forex trading, and as such, stands as the most important centre for the affected market.
At present, the global foreign exchange market is worth over £3tn a day.
Develop ‘soft skills’
Governance reforms expected in May
Strategic partnership between firms
Catching up with the Influencers