Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Two fired in Lloyds 'rogue trader' scam

Two fired in Lloyds 'rogue trader' scam

Lloyds Banking Group has fired a ‘rogue trader’ who falsified trading record to hide loss-making positions.

Lloyds dismissed Franck Kornmann, the head of hybrid foreign exchange and interest rate trading, last February, according to the paper, which said another member of staff had also been sacked.

Lloyds discovered ‘irregular’ trades in a portfolio of complex financial products that lost the bank £37 million in the last two years, according to the paper.

After discovering the scheme, Lloyds has since shut down the Kornmann’s trading desk, the Sunday Telegraph reported. A spokesman for the bank told the paper: ‘We can confirm that an individual was dismissed in February 2012 from the group following an investigation.

‘This investigation was prompted by our own internal procedures which picked up certain irregularities that conflicted with our own policies and procedures. We notified the Financial Services Authority of the finding at the time.’

Leave a comment
Citywire TV
Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Nineteen months on from the merger of Quilter Cheviot chief executive Martin Baines says the deal is now paying dividends.

Wealth Manager on Twitter