Commerzbank Suspends Two Foreign Exchange Employees

May 21, 2014 3:57 am ET

(Updates with comment from person familiar in the third paragraph.)

May 21 (Bloomberg) -- Commerzbank AG, Germany’s second- biggest bank, said it suspended two individuals in its foreign exchange division for a breach of internal rules.

“Commerzbank has zero tolerance for non-compliance with rules and regulations and has taken immediate action upon the discovery of inappropriate conduct,” the Frankfurt-based company said in an e-mailed statement today.

The breach was an unsuccessful attempt to manipulate a client order and wasn’t related to currency-rigging, a person with knowledge of the matter said. One trader was suspended in February and the other this month, said the person, who asked not to be identified because he’s not authorized to comment publicly on the matter.

Commerzbank said it believed the breach was an isolated event and neither the bank nor the employees profited from it.

More than a dozen authorities on three continents are reviewing whether traders at the world’s largest banks worked together to rig the $5.3 trillion-a-day currency market. Those investigations follow probes of attempts by banks to manipulate benchmark interest rates, which have resulted in about $6 billion in fines globally.

Commerzbank shares climbed 0.6 percent to 11.18 euros at 9:56 a.m. in Frankfurt trading, rising for a second day.