Reprimand for not reporting big loss

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Two bank employees were responsible for covering risks (hedging). When losses on a trading day piled up to approximately €1,3 million, they neglected to inform superiors of this fact, in violation of the company’s internal rules. The next trading day, the employees tried to repair the losses. They failed, resulting in the net loss to increase to more than €2 million. Only then did they report what happened. Both employees were subsequently fired. The Disciplinary Commission reprimanded both former employees.