1/8/2019, 5:35 PM (Source: TeleTrader)
more TeleTrader news

Amex forex dept head suspended amid probe

Financial services giant American Express Co. Director of foreign-exchange department Taylor Simonin was suspended amid the ongoing pricing practices probe, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter. According to the article, the company's division continuously increased the payment rates for international currency-conversions without informing consumers.

The decision to suspend Simonin was announced to employees last month, according to the report. The alleged malpractice is being investigated for the period from 2004 until 2018.

Meanwhile, back in September, the Federal Bureau of Investigation (FBI) launched a probe in order to determine whether the misrepresentation of pricing took place. However, the company later said that the investigation won't impact its operations and quarterly results.

Breaking the News / VK