LONDON— HSBC Holdings PLC has dismissed Stuart Scott, its London-based head of currencies trading, in connection with the global investigations that have led to the bank paying $620 million in fines on both sides of the Atlantic, according to a person familiar with the matter.
Mr. Scott was fired on Dec. 9 from a role that involved supervising the bank’s foreign-exchange trading operations. He joined the bank in 2007, according to the U.K. financial regulator’s register. Reached by phone, he declined to comment.
U.S., British and Swiss regulators in November imposed a total of $4.3 billion in penalties against six banks, including HSBC, for failing to stop employees from improperly sharing confidential information with rival banks and for attempting to boost currencies-trading profits at their customers’ expense. HSBC and the other five banks didn’t dispute the regulators’ findings. HSBC said at the time that it “does not tolerate improper conduct.”
In addition, the U.S. Justice Department is investigating allegations that Mr. Scott leaked confidential client information to a major hedge fund for a transaction that netted the fund, and the bank, large profits at the expense of one of the bank’s clients. HSBC self-reported that incident.
Mr. Scott was a member of a committee of senior traders that convened under the auspices of the Bank of England to oversee the functioning of the currencies markets. Several members of that group have since been fired and cited in regulators’ settlement documents, although not by name.