Goldman Sachs Group Inc. (GS) dismissed currency trader Frank Cahill over alleged behavior during his time at HSBC Holdings PLC, according to a person briefed on the matter.
Cahill, who joined Goldman Sachs in London in 2012, was identified internally as one participant in transcripts made public as part of HSBC's settlement with U.S. and U.K. regulators, said the person, who asked not to be identified because the matter is private. Cahill is the first trader Goldman Sachs has dismissed related to currency-market investigations, the person said.
"This relates to a period before he joined Goldman Sachs, and he has now left the firm," said Michael DuVally, a spokesman for the New York-based bank.
HSBC agreed to pay $618 million as part of $4.3 billion in settlements between six banks and four regulators over probes into the rigging of key foreign-exchange benchmarks. The Justice Department, which is working with the Federal Reserve, and Britain's Serious Fraud Office are still leading criminal probes into the $5.3 trillion-a-day currency market.
A call to Cahill's work phone went unanswered and he didn't immediately reply to an e-mail. The Wall Street Journal, which reported his dismissal earlier today, said he declined to comment.
