November 26, 2019 / 9:46 PM / 11 days ago

Natixis: trader's suspension has no impact on its business

PARIS (Reuters) - French bank Natixis (CNAT.PA) said on Tuesday the suspension of a trader in New York had no impact on its overall business or its profit and loss account.

Natixis issued a statement after Bloomberg News reported it had suspended a senior trader at a subsidiary in New York pending an internal investigation.

“Following press articles related to the suspension of a trader at Natixis’ Americas platform, Natixis would like to make it clear that it constantly monitors and reviews its employees’ performance through well-established internal procedures that are applicable to all employees,” it said.

“Regarding the case mentioned by a Bloomberg article published on November 26th, it is a purely internal procedure that is by no means related to a P&L loss and has no impact whatsoever on Natixis’ clients or businesses,” it added.

Natixis’ shares closed down 3.9 percent.

In June, Natixis’ H20 asset management unit suffered outflows on concerns about a key fund’s liquidity, although H20 has since recovered and Natixis itself posted forecast-beating third-quarter results this month.

In December 2018, Natixis booked 260 million euros ($286.6 million) of losses and provisions related to Asian stock derivative operations.

Reporting by Sudip Kar-Gupta; Editing by Dan Grebler

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