BMO: Trading losses swell
The trials and tribulations continue as the loss associated with the natural gas trading creeps towards and unfathomable $1 Bn.
Workers inspect tiles a day after winds ripped a slab of marble off First Canadian Place on May 15, 2007.
“BMO is continuing its investigation of the facts and circumstances surrounding these mark-to-market trading losses including a review to determine whether any potential irregularities in trading and valuation took place,” the bank said in a statement today.
The bank said two commodities professionals who were placed on leave after April 27, are “no longer employed by the company.”
Source: The Toronto Star
[...] Bank Regulation, Risk Management, Banks, Opinion by Andrew Thanks to Colin over at Bankwatch for this one on losses suffered by the Bank of Montreal (BMO). At first sight it looks like just another bad day [...]
More banking losses « Risk Management in Australia
May 21, 2007 at 01:17
You may want to update the link. It is now http://www.thestar.com/article/214952
Andrew
May 21, 2007 at 04:41
Thx Andrew.
Colin
May 21, 2007 at 13:35