NAB finds A$185m in losses from foreign currency options trading

Internal investigations at the National Australia Bank (NAB) have revealed that A$185 million ($140 million) in pre-tax losses were made by unauthorised foreign currency options trading.

The losses were made after NAB removed a raft of fictitious trades from its foreign currency options portfolio. They were slightly higher than the bank’s original estimate of A$180 million, announced last Tuesday.

Frank Cicutto, chief executive of Australia's largest bank, said foreign currency options will continue to be a part of NAB’s markets business. “In view of the unauthorised activity that has occurred in this portfolio, the bank is undertaking a market revaluation of the remaining

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