Merrill Lynch looking at "irregularity" in trading

Merrill Lynch said on Friday it had discovered an "irregularity" in its London trading positions and the Financial Times reported that a Merrill trader had been suspended over a suspected $400 million loss. In a statement, the U.S. bank said senior managers were "focused on the issue" and said "risks surrounding possible losses are under control" but did not provide any details. "During a recent evaluation of certain positions, we discovered an irregularity," the bank said. The statement came as Irish regulators said they were investigating the "mispricing of trades" at Merrill's London branch, an issue that they said was raised with them on February 18. Merrill said it was helping regulators with the investigation. The Financial Times said a London-based trader at the bank had been suspended after trades on Norwegian and Swedish currencies went wrong, with potential losses of $400 million.

Source: http://www.reuters.com/article/ousiv/idUSTRE52621020090307