NatWest staff face sack over pounds 50m loss
Monday 10 March 1997
A spokesman for NatWest confirmed yesterday that the independent report into the "hole" in the department's trading book, which is being prepared by accountants Coopers & Lybrand and lawyers Linklaters & Paines, would be delivered later this week. He said the bank intended to take swift action over its contents.
The report is expected to be unequivocal and point to poor pricing of interest-rate options contracts offered by the options department, which went unnoticed and uncorrected over a 12-month period. The document is likely to blame incompetence and poor monitoring and controls rather than personal gain.
But City sources also expect the bank to take tough and prompt action to limit any damage to confidence in its activities and to placate the Bank of England, which will also see a copy of the report.
The disciplinary moves could involve the dismissal of two or three individuals held directly responsible for the losses and for failing to spot them earlier. Up to half a dozen others could be demoted or moved sideways and the departments involved, including the compliance and risk management departments as well as options trading, could be restructured.
Individual bonuses for 1996, some of which have been paid, will also be reassessed. NatWest declined to comment on whether some bonuses would have to be paid back.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...