Bank’s forex chief heads to private sector

The Bank of England’s head of foreign exchange has resigned eight months after the publication of a report that led to the dismissal of one of his senior managers over his failure to report evidence of potential rigging in the currency markets.

Michael Cross left on June 3 and is understood to have lined up a new job in the private sector.

Martin Mallett was sacked as chief foreign exchange dealer at the Bank after an inquiry by Lord Grabiner into how much Bank officials knew about forex-rigging. His report cleared officials of direct knowledge of the controversial practices, whereby traders at City banks attempted to move currency benchmarks, but it found that Mr Mallett had known about the sharing of information among market participants.

There was no suggestion of wrongdoing by Mr Cross and his resignation is not understood to be related to the investigation. The Bank of England declined to comment.

Please wait...

Stop being afraid of being your own boss!

Starting a business is the first and most important step to financial freedom and welfare. Sign up now to get instant access to our business management knowledge base.