The alarm was raised when the main euro account at HSBC, which normally holds between €30 million and €1 billion, hit zero. Soon after, a single transaction moving €90 million from the account was traced back to within the ranks of the middle office department at the UK bank. Sources say that one person on the operations side of the MTN desk and one on the ABS desk were involved. These two individuals are relatively junior, and speculation is rife inside the bank that other, more senior figures might be involved.
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