
The flight from NAB continues
They follow at least eight foreign exchange staff that left in London as reports surfaced of low morale on the trading floor following the crisis. This included head of European forex, Steve Walker, head of forex forwards in Europe, Andrew Brodie, head of interbank forex sales for Europe and Asia, Adam Gazzoli, head of risk management, Bart Thomson, and senior forex options structurer Walter Colebatch. Also forex options structurer Andrew Hardman, senior proprietary trader Michael Frankis and senior forex market strategist Greg McKenna.
More recently, institutional sales dealer Jerry Ballschmider left the New York office in April and Nigel Russell left in June from Sydney.
This adds to the staff that left after an investigation into the three-year fraud, which came to light in January, revealed lax management practices and faulty risk management at the bank. Co-heads of global foreign exchange, Gary Dillon and Peter Cunningham in Melbourne, left in March, along with senior managers in corporate and institutional banking, risk management, as well as the bank’s chief executive and chairman.
The four traders responsible for the forex losses were sacked.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
How Finma milked Credit Suisse’s CoCos to close UBS deal
An unusual clause in Swiss AT1 bonds allowed them to be written off, but could others follow suit?
US banks race against time as Fed plays climate catch-up
Long-awaited US climate risk exercise puts tough pressure on banks’ data and models
EU banks need ‘billions’ in hedges to pass new NII test
Declines in net interest income can be hedged, but the markets may struggle to handle the demand
CFTC chair gloomy over crypto legislation prospects
FIA Boca 2023: Behnam also asks Congress to grant more powers to regulate third-party tech providers
Missing Basel metric could have revealed SVB risks
US regulators did not implement economic value of equity test that SVB failed badly in 2021
Strict term SOFR trading rules ‘permanent’ says Fed’s Bowman
Official says restrictions on use of term SOFR swaps “should not be expected to change”
Esma still wants more tools to tackle clearing crises
Even after Emir 3 draft, EU regulator would like more powers over both foreign and domestic CCPs