A reputable currency trader and risk manager from the banking world has called it quits on his role at broker-dealer, LCG. Rohan Ramchandani, a prominent figure in the FX-rates probes was ousted during investigations into the scandal at Citibank.
Troubled UK-based financial services provider LCG continues its rugged journey as news of another senior member of the team leaving causes a stir. Financial media reported that Rohan Ramchandani served his last day at the listed provider of margin products on the fifth of December.
Ramchandani joined LCG in September. Over the last few months, the firm has made a number of changes amid new ownership. Notably, long-serving Head of FX Gavin Foster left the organisation.
LCG Chairman Charles-Henri Sabet explained in a statement to the Wall Street Journal, “This has been a personal decision for Rohan.”
LCG, one of the UK’s main mid-market brokers operates retail brand Capital Spreads. The firm brought in a new set of senior hires in September. LCG’s most recent corporate earnings data for the first nine months of the year saw the firm’s revenue drop by 29% to $22 million.
Banks have been facing the brunt of the currency manipulation cases; Five major banking organisations were fined a collective amount of over four billion, with Citibank being one of them.
LCG’s share price closed flat on the day, ending at 35.00 pence in the London market.