Forex firm salespeople misrepresented FX pricing to customers

Author: Eamonn Sheridan | Category: News

American Express is sacking employees and reimbursing money to clients after finding  salespeople misrepresented pricing to customers.

  • terminated 10 employees in the foreign-exchange international payments department
  • retraining 28 others
  • reimbursing clients
Via a Wall Street Journal report:
  • the FX unit had routinely increased currency-conversion rates without notifying customers
  • aim ws to boost revenue
  • US federal agencies, including the Justice Department, the Federal Reserve and the Consumer Financial Protection Bureau, have since been probing AmEx's foreign-exchange pricing practices.
Link (Journal is gated) 

American Express is sacking employees and reimbursing money to clients after finding  salespeople misrepresented pricing to customers.


ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose