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A trading team at a Wall Street bank got whacked with a near $100 million loss

Jonathan Marino   

A trading team at a Wall Street bank got whacked with a near $100 million loss
Finance1 min read

Trader head in hands

Reuters

Volatility has roiled some banks' trading positions.

The losses keep rolling in for big banks' trading desks.

Jefferies is taking a hit of nearly $100 million on it distressed trading desk, according to Laura J Keller and Zeke Faux at Bloomberg.

The bankruptcy of one energy company - private equity-backed Samson Resources - caused a substantial portion of the losses, according to the report.

Jefferies isn't the only bank to absorb an embarrassing loss this year.

Goldman Sachs' trading team also lost between $50 million and $60 million this summer, according to a separate Bloomberg report, in part thanks to positions in energy companies and an under-performing paper company.

Jefferies is a part of diversified holding company Leucadia National Corp., which acquired the investment bank in 2012.

Leucadia shares are down about 4% this year.

A representative for Jefferies did not comment in time for publication.

To read the full Bloomberg story, click here.

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