Leeson shocked at size of rogue trading loss

Nick Leeson said today’s revelation that a single trader lost £3.7 bn (€4.9bn) at French bank Societe-Generale proved financial institutions had not learned their lessons.

Societe Generale claimed it had been the victim of an elaborate deception by an “irrational” trader, reportedly 31-year-old Frenchman Jerome Kerviel, based in the group’s Paris office.