Goldman puts four on leave after fallout from trading glitch: report

Aug 26 2013, 11:02 IST
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SummaryGoldman Sachs Group Inc put four senior technology specialists on administrative leave after a trading glitch that led to a flood of erroneous options trades, the Financial Times reported, citing people familiar with the situation.

Goldman Sachs Group Inc put four senior technology specialists on administrative leave after a trading glitch that led to a flood of erroneous options trades, the Financial Times reported, citing people familiar with the situation.

Last Tuesday, an upgrade of an internal system affected options on stocks and some exchange-traded funds with listing symbols beginning with the letters H through L.

The Financial Times said about 80 percent of the mistaken contracts sent to the New York Stock Exchange were cancelled, limiting losses for Goldman. But the glitch "provoked a strong reaction" within the bank, which takes pride in a reputation for risk management, the paper said.

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