Nick Leeson: Banks have not learned lesson

NICK LEESON said the revelation that a single trader lost €4.9 billion at French bank Societe Generale proved financial institutions had not learned their lessons.

The original rogue trader caused the collapse of Barings bank in 1995 after costing the group about £800 million (€1,080m).

He told BBC News 24: “The first thing that shocked me was not necessarily that it had happened again — I think rogue trading is probably a daily occurrence among the financial markets.