Former NatWest trader 'on leave'
Tuesday 04 March 1997
A spokeswoman for the US securities firm refused to say if Kyriacos Papouis had been suspended as a result of the embarrassing problems at NatWest which surfaced late last week.
"I can confirm that he works at Bear Stearns although he is currently on leave pending further information," a spokeswoman said from Bear Stearn's offices in New York. Mr Papouis left NatWest last December to join Bear Stearns.
NatWest has refused to confirm he is the trader involved. Nor has the bank revealed the identity of a senior trader who has been suspended for "failure to supervise" the operation, although he is widely believed to be Neil Dodgson.
A spokesman for Mr Dodgson said he could not comment on the case but would co-operate fully with any investigations.
The pounds 50m hole, which was revealed after the markets had closed on Friday, sent the bank's shares plunging as low as 713.5p at one point yesterday. The shares recovered some of those losses to end at 731.5p, off 27p.
NatWest Markets continued its internal investigation into the affair, which surfaced just days after the investment banking operation of NatWest reported a rise in pre-tax profits of more than 50 per cent.
The bank has hired external auditors to help with the investigation which could take several weeks, according to a NatWest spokeswoman.
The Securities and Futures Authority, the City regulator, and the Bank of England have been informed of the problems which surround the mispricing errors in its interest-rate options book.
- 3 The enemy within: People who hear voices in their heads are being encouraged to talk back
- 4 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
- 5 SAG Awards: Fake applause track interrupts Reese Witherspoon
Rowan Atkinson to sell £10 million McLaren 'supercar' he crashed into a tree and a lamppost
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
British Muslim school children suffering a backlash of abuse following Paris attacks
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...