Forex firm salespeople misrepresented FX pricing to customers
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)