French rogue trader costs Societe Generale £3.7 billion

French bank Societe Generale announced this morning it has been the victim of massive fraud committed by one of its Paris-based trader. The gallic Nick Leeson concealed £3.7 billion of losses, a sum over four times greater than his Watford predecessor. The bank also revealed £1.5 billion of losses related to sub-prime US mortgages.

The Financial Times has named the rogue trader as Jerome Kerviel, 31, who worked in the bank’s Delta One products team.

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