Chemical Bank Revenues Take $70 Million Hit From Unauthorised Mexican Peso Trading
BANKS
Chemical Bank's fourth-quarter trading revenues will be reduced by roughly $70 million (or about $40 million after taxes) due to unauthorised forex trading in the Mexican peso, officials say.
The loss comes more than a year after an FX Week report suggesting that banks are doing a lot more peso trading than even the traders themselves are owning up to (FX Week, Nov. 22, 1993). And last April, dealers were warning that, although Mexico's central bank, Banco de Mexico, may want to control the
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