NatWest Markets Uncovers £50m Options Trading Loss
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NATWEST Markets, the investment banking arm of NatWest Group, has been caught in London's latest rogue trader scandal. Industry observers say the incident highlights operational risk issues facing all financial institutions worldwide.
Kyriacos Papouis, a trader who left NatWest for Bear Sterns at the end of last year, appears to have buried £50 million worth of trading losses in the bank's interest rate options portfolio.
Papouis has been suspended from Bear Stearns as a result of these findings
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