Chase Restates Revenue, Fires Trader

Chase Manhattan Corp. said its fourth-quarter trading revenue would be cut by $60 million pretax, or $40 million after tax, because previous periods’ trading figures were overstated. The company also said it had fired an employee after an internal investigation of the matter. Chase noticed the discrepancy in its interest rate swaps and foreign exchange forward contracts during an internal review, sources said, and the bank contacted regulators last week. Christopher Goggins, who traded currency derivatives at Chase, was involved in the losses, one source said. Goggins, reached at his home in New Jersey, declined to comment. Shares of New York-based Chase fell $3.69, or 4%, to $83.56 on the NYSE. Chase’s reported pretax trading revenue for the first nine months was about $2.2 billion.