CITIGROUP INC. LONDON (Reuters) - Rohan Ramchandani, the former head of European currency trading at Citigroup (>> Citigroup Inc), who sources close to the matter say was fired by the global bank in January, has joined online trading- services provider London Capital Group Holding (>> London Capital Group Holdings plc).
Ramchandani, who has not been accused of any wrongdoing, was the first trader to be sacked as a global investigation into alleged manipulation of the $5 trillion-a-day foreign exchange market intensified. Citi has not said why he was fired and the trader could not be reached for comment via his lawyer on Thursday or previously.
He started working on Wednesday in LCG's trading and risk- management division, working solely in foreign exchange, Executive Chairman Charles Sabet told Reuters on Thursday.
"This is part of a full revamping in the skills of London Capital Group," Sabet said. "We are happy to have him."
Ramchandani will not have to be registered with the Financial Conduct Authority because spot foreign exchange trading is an unregulated activity, Sabet said.
Talks to hire Ramchandani had been going on for several weeks. LCG consulted with several people in the industry as well as its internal compliance team and lawyers before hiring him, Sabet said.
Since allegations of collusion and price manipulation in the world's largest financial market first surfaced last year, more than 30 traders have been placed on leave, suspended or fired by some of the world's biggest banks.
No individual or bank has been accused of wrongdoing and no evidence of wrongdoing has been found. All the banks involved are cooperating with the regulators.
(Reporting by Jamie McGeever; Editing by Catherine Evans, Larry King)
