Trafigura faces US$1.1 billion hit in Mongolia after fraud probe

Trafigura faces US.1 billion hit in Mongolia after fraud probe

Trafigura Group is preparing to take a US$1.1 billion hit after discovering what it suspects was fraud involving employees in its Mongolian oil business, according to people familiar with the matter.  The loss, which could also force the commodity trading giant to restate prior earnings, comes less than two years since Trafigura rocked the industry…

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Manulife cuts 2.5% of staff in wealth and asset management unit

Manulife cuts 2.5% of staff in wealth and asset management unit

Manulife Financial has cut hundreds of jobs in its global wealth and asset management business, representing about 2.5 per cent of the division’s staff.  The move was made “in an effort to leverage our global operating model and focus on high-growth priorities”, a spokesperson said. The Toronto Star reported earlier that the firm is eliminating…

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