UBS London Loses FX Manager, Three Others; Bank Officials Cite 'Breach Of Procedures'

Three senior foreign exchange traders and a middle-office clerk left Union Bank of Switzerland in London last week after what bank officials called a "breach of internal procedures." The traders were UBS's London foreign exchange manager, Chris May, its forwards chief, David Tresadern, and senior Ecu forwards dealer Barry Johnson, according to market sources. The clerk, according to some sources, was involved in reconciling profit-and-loss statements for the dealing room, but has not been