FIVE YEARS AGO IN FXW

FIVE YEARS AGO IN FXW

UBS Loses FX Manager in "Breach of Procedures"

Union Bank of Switzerland's London foreign exchange manager, Chris May, its forwards chief, David Tresadern, and senior Ecu forwards dealer, Barry Johnson, left the bank last week after what bank officials called a "breach of internal procedures".

FXW, January 31, 1994

Editor's note: According to market sources the problem was to do with a $10 million overstatement of profits in the bank's proprietary trading book in Ecu forwards.

Although not

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