Thursday, January 31, 2013

Lloyds sacks two traders over 'rogue trader' scam

The “irregular” trades were discovered in 2011 in a portfolio of complex financial products that have lost Lloyds, which is 41pc owned by the taxpayer, £37m in the past two years.
Franck Kornmann, 40, the head of hybrid foreign exchange and interest rate trading, was dismissed by Lloyds last February. Another member of staff has also been sacked.

Politicians are considering rules to limit the exposure of retail banks to riskier investment activities, such as the type of trading in which Mr Kornmann was involved.