Svenska Handelsbanken In N.Y. Takes Hit On 'Unauthorized' FX Trade

Svenska Handelsbanken's New York foreign exchange trading desk took a sizable hit last month after its chief trader, David Singh engaged in "unauthorized trades," an official at the bank's New York office confirms.

Although the official declined to comment further, two other sources at the bank confirm that Singh and the bank's long time treasurer John Pyron are no longer with the bank in New York. Sources close to the bank say the losses totalled some $10 million, though the bank official