Unauthorized FX Options Trades At ABN-AMRO Produce Significant Loss for New York Unit

BANKS

ABN-Amro, the largest Dutch bank, uncovered a $30 million loss in its foreign exchange options book in New York last week and has suspended James Martigione, head of its New York options desk and at least one of his assistants, according to sources at the bank. The loss stems from one or more unauthorized options transactions.

"There has been a problem detected in the New York treasury operation," says Julie Wright, director of corporate communications for ABN-Amro in North America. "We think

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