Morgan Stanely fired or placed on leave at least four employees after they attempted to conceal a loss between $100 million and $140 million, Bloomberg News reported Thursday.
The company is investigating the alleged mismarking situation that involved making investors believe the firm's emerging-market currencies were doing better than they actually were, people familiar with the matter told Bloomberg.
Bloomberg identified the traders as Scott Eisner and Rodrigo Jolig of London and Thiago Melzer and Mitchell Nadel, two senior colleagues based in New York, according to those familiar with the situation.
Trading in foreign-exchange options rose to $294 billion a day in April, Bloomberg reported citing data from the Bank for International Settlements.
Morgan Stanley's third-quarter earnings presentation showed a 21-percent surge in total fixed-income trading revenue, which the company was was "partially offset by a decline in foreign exchange."
Morgan Stanley did not immediately respond to FOX Business' request for comment.