Credit Suisse Fires Rogue ETF Trader Who Lost $6 Million

Credit Suisse Fires Rogue ETF Trader Who Lost $6 Million
By Credit Suisse Group AG (Own work) [CC BY-SA 3.0], via Wikimedia Commons

This post first appeared on FloatingPath

Credit Suisse announced they have dismissed trader Rohit Jha and suspended his supervisor Matthew Tagliani from their London office after unauthorized trades by Jha racked up $6 million in losses.

Credit Suisse Fires Rogue ETF Trader Who Lost $6 Million

While the story was just made public, the trades actually took place in December. According to bank spokesman Jack Grone, the matter has been handled internally and no further losses occurred.

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“No clients were impacted,” Grone said yesterday. “We are confident the trader acted alone and that the matter has been contained.”

The losses are small for Credit Suisse’s investment banking operations, which produced $30 million in revenue per day in the last quarter according to Bloomberg.

On the bright side, the errant trades involved a human and not an algorithm gone wild.

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