Sumitomo Reacts

Sumitomo Corp. said Monday it will adopt a three-to-four year rotation system for the heads of its commodity and foreign exchange trading sections.

The decision comes after Sumitomo, one of the world’s largest commodity trading companies, reported an estimated $1.8 billion in losses over a 10-year period from unauthorized copper trades by trader Yasuo Hamanaka.

Hamanaka has since been fired and his whereabouts are currently unknown.