NEW YORK (Reuters) - Credit Suisse Group AG CSGN.VX has dismissed a trader who cost the bank roughly $6 million in losses from “unusual trading activities” that are being looked at by regulators, the Wall Street Journal reported on Thursday.
The Swiss bank dismissed Rohit Jha, an exchange-traded-funds trader, this week and suspended his boss, Matthew Tagliani, the Journal said, citing people familiar with the matter. The trades occurred last year and sparked an investigation and attracted scrutiny from Britain’s Financial Conduct Authority, the paper said.
“As soon as Credit Suisse discovered unusual trading activities by one trader on its London Equity Division Exchange Traded Funds desk (ETF), the Bank promptly notified the relevant authorities and has been cooperating with its regulators,” spokesman Jack Grone told Reuters. “We are confident the trader acted alone and that the matter has been contained.”
Grone said the bank determined that no clients were affected, and that the impact on profits was less than $6 million (GBP 4 million).
Reporting by Lauren Tara LaCapra; editing by Andrew Hay