Wertheim Schroder To Close New York FX Unit; Shake Up Follows Sizable Loss In Equities

NON-BANKS

Wertheim Schroder & Co. Inc. will close its proprietary foreign exchange trading desk by November 15, according to sources inside the securities firm. The shake up comes in the wake of reports that Wertheim’s equity arbitrage desk posted a sizable loss earlier this month.

According to sources within Wertheim, the firm’s equity arbitrage desk lost more than $28 million earlier this month. However, a spokesperson at the securities firm denied such losses occurred.

But a source at Wertheim says

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