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Barclays Trader Faces $19 Million Loss on Turkey Bonds
A senior Barclays Plc trader has faced losses of about 15 million pounds ($19 million) on Turkish bonds over the past few days, according to people familiar with the matter. Tolga Kirbay, a London-based credit trader, was caught on the wrong side of a wager over three trading days starting from Thursday, said the people, who asked not to be identified as the details aren’t public. Barclays generally makes up to $100 million in revenue each year trading emerging-market corporate bonds in Europe, the Middle East and Africa, according to the people. While the trade is relatively modest for the British bank overall -- ... (full story)
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