Salomon Brothers Inc. said Friday it violated bidding rules on three recent auctions and has suspended two managing directors in charge of the firm's Treasury securities trading desk as a result.

"Bids were submitted by Salomon in the names of persons who had not authorized such bids, and Salomon then purchased the notes allocated to such bids," a statement said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.