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Nick Leeson - who brought down Barings Bank - apologises to boss

The infamous ‘rogue trader’ has come face to face with his former boss for the first time since the bank’s crash in 1995.

Nick Leeson speaking during a news conference at London's Heathrow airport, the day after was released from a Singapore jail.
Nick Leeson speaking during a news conference at London's Heathrow airport, the day after was released from a Singapore jail.
Image: Tom Hevezi/PA Archive/Press Association Images

NICK LEESON, THE infamous ‘rogue trader’ (and columnist for TheJournal.ie) has apologised to his boss from bringing down Barings Bank in 1995.

Leeson and his former boss Peter Norris have been brought together for the first time by the BBC for Radio 4′s The Reunion. Some of Leesons former colleagues were also present for the recording of the programme.

Leeson incurred losses of £827 million for the bank in 1995. The BBC reports that he was reporting huge profits from his trading on the Singapore International Monetary Exchange. In fact, he was losing hundreds of millions.

He set up a secret account to hide the losses and he was found out when a discrepancy on the bank’s accounts was noticed.

Leeson spent three years in prison in Singapore for his actions.

Norris, who now the Chairman of Virgin Group Holdings, has said that he wanted to ‘punch Leeson’s lights out’ when it became clear what he had been doing. Another former colleage has said that he’s not sympathetic in the wake of the apology, because the former trader “lost a lot of people their livelihoods, their pensions and their family fortunes”.

Read more from the BBC: Nick Leeson apologises to Barings’ boss for bank crash>

Listen to The Reunion here>

Read Nick Leeson’s latest column: Amid unnerved stock markets, it’s time to give NAMA a chance>

Nick Leeson asks why no-one has gone to jail for the Irish banking collapse>

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About the author:

Emer McLysaght

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