Security Pacific Branch Loses in Exchange: The...
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From Times Staff and Wire Reports
Security Pacific Branch Loses in Exchange: The Tokyo branch of Security Pacific National Bank racked up $18.2 million in foreign exchange losses in March due to speculative trading, a spokesman for the California-based bank said. The losses occurred after a dealer at the bank sold dollars when the U.S. currency was surging against European currencies, triggering losses on those positions, he said. The dealer had exceeded the bank’s self-imposed position limit.
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