Credit Suisse trader said dismissed over unauthorized loss

No Pot Of Gold

The firm is said to be continuing to investigate how the positions went undetected by its safeguarding systems - and weren't reported to supervisors - for 16 business days.

Bloomberg News reports Credit Suisse dismissed a trader in London after determining that he lost $6m on unauthorized transactions, according to a person briefed on the situation.

The trader, who traded exchange-traded funds, was dismissed on October 28 and his supervisor has been suspended due to the losses, which occurred in December, said the person, who asked not to be identified because personnel matters are confidential. The bank notified regulators promptly and has been cooperating with them a spokesman said.

'No clients were impacted', the spokesman said. 'We are confident the trader acted alone and that the matter has been contained'.

The Wall Street Journal, which broke the story, said that while the losses aren't considered financially material, Credit Suisse is continuing to investigate how the positions went undetected by its safeguarding systems - and weren't reported to supervisors - for 16 business days.

At issue is whether other trades that could be more damaging are being properly monitored, the people said.

Credit Suisse Said to Dismiss London ETF Trader Over Loss

Credit Suisse Dismisses London Trader Over 'Unusual Trading' Losses

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts