Rogue trader signs up for Galway

Rogue trader Nick Leeson will sign on as the commercial manager of an Irish soccer club this week.

The man who infamously collapsed Britain’s oldest merchant bank, Barings, is to turn his hand to keeping Galway United Football Club in the money.

Leeson, who ran up losses of €1.3bn bringing an end to the 233-year-old bank in 1995, is to take up the position of commercial manager of the eircom League first-division club this week.

“I am really looking forward to the challenge,” Leeson said, on his first job since he was jailed almost 10-years ago.

“I am a very keen football fan and am looking forward to working with Galway United,” said Leeson, who has lived in the county with his wife and children for the past two and a half years.

This weekend, Leeson said: “I have been looking for a new challenge. It is inevitable I will always be associated with Barings Bank but after everything which has happened, I have moved on and I hope other people have as well.”

Leeson, who replied to an advertisement for the job, said he realised that his name had been a barrier for many organisations.

The 38-year-old, who is from the north London suburb of Watford, spent four years in jail in Singapore over the dealings which led to the bank’s downfall. He survived cancer of the colon as he served time in the Singapore jail.

For two years Leeson, a supposed star trader with Barings, had buried huge losses made on the trading floor of the Singapore International Money Exchange (SIMEX), which ultimately broke the bank.

Leeson also penned an autobiography on the downfall, Rogue Trader, which soared to number one in 1996. The story of the futures trader running up huge debts was turned into a Hollywood moving starring Ewan McGregor and Anna Friel.

As well as the book, Leeson has been making a living with after dinner speeches and writing newspaper and magazine articles. However, Leeson, who is married to Leona, a beautician from Galway, and is now a father, has been hunting for a steady job for the past year.

Leeson has said he is aware there will be a lot of people watching to see if he succeeds or fails, and said he would not like to return to the finance world.

The Galway club has not divulged the pay packet for the man who once earned hundreds of thousands of pounds at the height of his trading career.

John Fallon, the chairman of Galway United, said the appointment of Leeson was just one of a number of recent developments at the club. He said that Mr Leeson was appointed at a meeting of the board of directors last Friday.

“It is impossible to ignore the events which have made Nick Leeson known worldwide. But long after the fanfare about his appointment has passed, Nick Leeson will be tasked with the demanding job of implementing a series of commercial initiatives aimed at developing Galway United FC,” he said.

Fallon said that the Board’s confidence in Leeson delivering on the initiatives was the reason behind his appointment.

“Life has moved on for everyone since the happenings of 10 years ago,” he said.

“The primary concern here is the future strong development of Galway United FC and to that end a series of initiatives have been drawn up which will be driven by the new commercial manager.”

Galway United Football Club have been playing professional football in Ireland for 27 years from their home in Terryland Park.