ABN Amro First in Europe Hit by Big Virus-Linked Trade Loss

Trading has been rare positive for banks amid high volatility
Single U.S. client caused $250 million pretax-loss for bank

The ABN Amro NV logo sits on the bank's headquarter office complex in the Zuidas financial district in Amsterdam, Netherlands, on Wednesday, April 10, 2019. The Netherlands will become the first country with a AAA credit rating to issue a green bond with the sale of a 20-year security next month. Photograper: Marlene Awaad/BloombergPhotographer: Marlene Awaad/Bloomberg

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By Joost Akkermans and Ruben Munsterman

March 26, 2020 at 8:05 AM UTC

Updated on

March 26, 2020 at 2:58 PM UTC

This article is for subscribers only.

ABN Amro Bank NV became the first European lender hurt by a major trading loss stemming from the coronavirus crisis, with a single U.S. client responsible for a $250 million pretax hit to its clearing business.

The Amsterdam-based bank will book a net loss of about $200 million in the first quarter after the client failed to meet risk and margin requirements amid market volatility caused by the pandemic, it said in a statement on Thursday.