French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn). The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
It also announced fresh losses of 2.05bn euros related to the sub-prime mortgage crisis in the US.The losses are four times greater than those made by Nick Leeson, the rogue trader who brought down Barings Bank.
Leeson the man behind all of the fraud was sentenced to six-and-a-half years in jail.
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