NatWest to punish senior staff
Thursday 13 March 1997
The derivatives trader allegedly responsible for the loss, Kyriacos Papouis, left NatWest and has subsequently resigned from his new job at the US bank Bear Sterns. A senior trader, Neil Dodgeson, has been suspended by NatWest for failure to supervise pending an internal inquiry. Further disciplinary measures are expected to be outlined today following the completion of the inquiry by the accountants Coopers & Lybrand and the lawyers Linklaters & Paines.
The inquiry is thought to have discovered gaps in NatWest's risk control procedures. It is not yet clear whether any employees will be dismissed immediately. There is, however, a belief in the City that the jobs of senior managers in Nat West Markets' interest rate options department are vulnerable. It is certain that bonuses will be trimmed. NatWest pays bonuses in two tranches, one of which is deferred until later in the financial year.
The results of the investigation are being passed on to the Bank Of England and the Securities and Futures Authority.
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...