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Citibank'S Forex Losses

In: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice

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  • Laurent L Jacque

Abstract

On June 19, 1965, in the heyday of the Bretton-Woods system of fixed exchange rates, the First National City Bank — the second largest American commercial bank with 177 offices in 58 countries—announced a loss of $8 million. The loss was attributed to unauthorized forward speculation on the pound sterling by a Belgian trader in the bank's Brussels branch. The amount of the underlying transactions was rumored to be close to $800 million. For First National City Bank — also known as Citibank — the year 1965 had commenced with a two-for-one stock split and ended with record operating profit of $94 million in spite of the one time loss of $8 million…

Suggested Citation

  • Laurent L Jacque, 2015. "Citibank'S Forex Losses," World Scientific Book Chapters, in: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice, chapter 3, pages 29-40, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814663267_0003
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