Deutsche Bank suspends foreign exchange traders for “procedural errors”
FRANKFURT – Deutsche Bank has suspended a number of junior traders from its London and Milan-based Italian foreign exchange team in an investigation into “procedural errors”.
Deutsche stock index futures climbed with the US Federal Reserve’s interest rate cut to stave off looming recession. Although the impact of Deutsche’s trading errors is reported to be minimal, the junior level of the traders and exposure to error is reminiscent of January’s $7 billion rogue trading losses at French bank Société Générale.
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