Lloyds Said to Reinstate Trader Chantree Following Suspension

Jun 05, 2014 7:26 am ET

June 5 (Bloomberg) -- Lloyds Banking Group Plc reinstated senior foreign-exchange dealer Martin Chantree after finding no evidence to back up allegations of wrongdoing that led to his suspension, a person with knowledge of the matter said.

Chantree, who has worked at the London-based bank for about nine years, returned to work earlier this month, the person said, asking not to be identified because the details aren’t public. He had been on leave since February.

“Following a thorough investigation, we reinstated an employee who was suspended after allegations of misconduct were put to the group,” Lloyds said in an e-mailed statement today, without naming Chantree. “The individual was reinstated with no disciplinary action being taken and has returned to work.”

Chantree’s lawyer didn’t immediately respond to a request for comment, and the trader wasn’t immediately available to comment at his office.

Chantree was the first currency trader Lloyds suspended since the U.K. Financial Conduct Authority opened a formal investigation into allegations first reported by Bloomberg News that employees at some firms shared information about their positions with counterparts at other banks.

The FCA asked Lloyds, Britain’s biggest mortgage lender, to review its currency trading operations and report any irregularities, people with knowledge of the matter said in November.

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To contact the reporters on this story:
Ambereen Choudhury in London at achoudhury@bloomberg.net;
Suzi Ring in London at sring5@bloomberg.net
To contact the editors responsible for this story:
Keith Campbell at k.campbell@bloomberg.net
Steve Bailey