Forgetful Staffer Said To Have Caused Trading Floor Fire

Fireman Sam

Dealbreaker reports that a Credit Suisse employee is said to have forgotten to turn off a portable heater before heading home for Thanksgiving last week, and caused a fire on the fifth floor of the firm's Madison Square Park building, which houses equities and fixed income traders.

Credit Suisse has confirmed that it moved staff to an alternative site in Jersey City after the fire was discovered early last Friday morning. The mess was apparently sorted out over the weekend, with trading taking place back at Madison Square Park on Monday. The firm said that it had no problems trading or settling transactions.

One Credit Suisse insider told Here Is The City: 'Someone's gonna feel the heat for this'.

It was in February last year that Credit Suisse's Canary Wharf, London, staff were evacuated after smoke filled the 5th and 9th floor of the firm's building. The problem was initially put down to a faulty air-conditioning unit (which caught fire again a couple of days later), but suspicions persist that some naughty staffer may have been enjoying a quick smoke near the top of the building, and his (or her) discarded cigarette butt may have caused the fire after falling onto the unit.

Finally, Bloomberg reports that Tokyo District Court has awarded Mizuho Financial Group a $121m payout  against the Tokyo Stock Exchange over that 2005 'fat-fingered' trade, which was thought at the time to have cost the firm some $335m. A relatively inexperienced Mizuho staffer is said to have entered the sell trade by mistake, and ignored an error message that flashed across her screen. Even after the bank discovered the cock-up, it was unable to cancel the trade due to a technical problem at the Exchange. 

Mizuho has said that it is studying the Court ruling, but will be disappointed as it originally sought $471m.

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