Controls Breakdown on Bond Trading Floor

Unauthorized bond salesman reveals human error at many levels within RBS.

KK Ho appeared out of nowhere last year on the Royal Bank of Scotland Group Plc’s London trading floor.

He had freshly printed business cards identifying himself as a bond salesman. He met with customers and impressed executives in internal meetings with his talk about rich clients he knew, according to two people familiar with the matter.

Employment Tribunal

The case came to light in an employment tribunal lawsuit filed by a former RBS trader, Alex Mallinson, who claimed he was unfairly fired after being accused of manipulating internal pricing systems.

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