NAB’s forex losses wipe out trading income
The A$360 million (US$281 million) losses, treated as a significant expense in the bank’s accounts, top the A$340 million the bank made as a whole from trading in the six months to March 31.
"Corporate & Institutional Banking [the unit housing FX] has obviously faced a difficult half due to the impact of the foreign currency options trading situation and subsequent events," conceded chief executive John Stewart.
The total loss comprised A$185 million arising from the removal of fictitious trades
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