It’s not been a good week for State Street. As well as a fall in revenues (see State Street reports fall in trading revenue), the Boston-based bank is being sued by the State of California, which is alleging that State Street overcharged two of its high-profile pension funds on securities-related FX transactions. Several sources contacted me asking what I thought about ‘the biggest story to hit FX since, well, the last one’.
One of them, Integral’s Matthias Beckmann, says: “This came to light because of whistleblowers.
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