NEW YORK Oct 26 A former Royal Bank of Canada
(RY.TO) trader alleged in emails to senior executives that some
of his colleagues mismarked government and corporate bonds to
boost profits at its New York-based investment banking unit, the
Wall Street Journal reported on Friday.
"Losses have been intentionally hidden over the last five
months," Gregory O'Connor told a top RBC official in a July 24
email, according to the Wall Street Journal.
Last month, RBC saw $40 million in trading losses, $13
million of which was related to bonds O'Connor said were
mispriced, the Wall Street Journal said.
RBC fired O'Connor on Thursday, the newspaper reported.
"Mr. O'Connor knows full well that the firm took pains to
carefully investigate the facts and took remedial action," RBC
said in a statement, the Wall Street Journal reported.
"He is choosing to distort facts and damage the firm's
reputation for personal gain."
RBC did not immediately return calls for additional comment.