NatWest Rogue Trader Losses Grow To £77m

MANAGEMENT & OPERATIONS

NATWEST Markets, the investment banking unit of NatWest Group, has announced initial findings of an independent review, valuing the losses from its recent "rogue trader" scandal at £77 million (RMO, March 10).

Four senior NatWest Markets staff in London have also been suspended pending the results of the inquiry.

Few details have emerged on the precise nature of the losses. Some industry sources say Kyriacos Papouis, the trader at heart of the scandal, was trading 12-month Libor caps/floors, b