Bank Leu Releases Two Advisors After Loss On Unauthorized Trades

BANKS

Bank Leu, a Zurich-based private banking subsidiary of the Credit Suisse Group, has released two investment advisors after they lost an estimated CHF10-20 million on unauthorized foreign exchange trades. A spokesperson for the bank says the two former staff--who have not been named--were dismissed last May after their fraud was uncovered by Bank Leu's internal control group.

Bank Leu is now considering legal action against the two advisors, says the spokesperson. The bank's internal control g