Reformed Barings rogue trader Nick Leeson tells of his lucrative new career

Rogue trader Nick Leeson incurred millions of pounds in losses and caused the collapse of Barings Bank. After admitting charges of forgery and cheating, he was imprisoned in Singapore’s Changi Prison for four years.

Now 56-year-old Donna Ferguson says he charges £5,000 an hour as an after-dinner speaker, talking about his biggest money mistake.

He lives with his wife, Leona, 50, in a five-bedroom house in Galway, Ireland.

What did your parents teach you about money?

Not much. I come from a very working-class background and grew up on a council estate. My mother was a nurse in the hospital and my father a plasterer. There were four of us – I have a brother and two sisters.

We never ran out of anything we needed, such as food, but it was very clear to me that money was hard to come by. There were times when my father would do anything to earn enough to keep the family going.

The lesson was: you work hard for what you get.

What’s your biggest money mistake?

As money mistakes go, I don’t think anything can match this answer.

Between 1992 and 1995 I incurred £862 million in losses for Barings Bank from unauthorized trading – which is the equivalent of £1.7 billion in today’s money. It caused the collapse of the bank.

It’s been almost 30 years since it happened. I accepted the prison sentence that the judge imposed on me without hesitation and I went through a period of remorse.

But I had to move on and I did because, as much as I’d like to, I can’t undo the past. There’s no doubt it’s still embarrassing.

What drove you to do it?

I was someone who grew up wanting success and I just couldn’t deal with failure. I couldn’t articulate the fact that I failed and so it skyrocketed to £862 million because I couldn’t confess and tell people what was going on.

I drank a lot of alcohol during that period, which was my coping strategy. I’d go out and drink on a stage where I could sleep. In fact, I often fainted. Everything revolved around avoidance.

As long as I didn’t realize my own failure and get away with it, I could be normal for a short period of time on weekends. Then I would go back on Monday and it was horrid. But it was self-made. I’m not looking for sympathy.

How big was the bonus you would receive that year?

My bonus was £400,000 – the equivalent of £780,000 in today’s money.

Have you ever had trouble making ends meet?

I’ve been lucky that I’ve never struggled like my parents. In prison I obviously had no money. For the first two years I was locked up 23 hours a day. Then I worked in prison.

I would get 60 Singapore cents (35 pence) for a week’s work doing the dishes – enough to buy me a chocolate bar.

What happened to all your money while you were in prison?

I gave the liquidators control over everything, including money I had in my bank accounts.

Plus a few properties in the UK that were sold. After I left prison, the liquidators continued to take half of everything I earned for a few more years—maybe four years or so.

What was the best year of your financial life?

Either 1992, when I got a £130,000 bonus from Barings Bank, or 2018, when I was on Celebrity Big Brother and also made money speaking after dinner. I made about £250,000 in each of those years.

How much do you earn as a speaker after dinner?

I get about £5,000 for a 45 minute speech. A lot is about risk management, conduct, behavior and culture, all related to the Barings story. Obviously I’ve been going through a very stressful period both in business and in my life in general, so mental health is another topic I’m talking about.

Deja vu: Nick Leeson (far left) at Barings, and top right played by Ewan McGregor in the movie Rogue Trader

The most expensive thing you bought for fun?

I have always worn a simple silver Rolex watch since I lived in Singapore. The most expensive one I’ve ever bought cost £5,000, but I usually pay around £3,000 or £4,000. I still wear one.

The best money decision you’ve made?

Buying my five bedroom house in Galway, on the west coast of Ireland. It has 0.9 hectares of land. My wife and I bought it in 2005 for £575,000 and it’s probably worth close to £1 million.

Are you saving for a pension or investing in shares?

I only invest in the stock market through a self-administered pension plan, into which I have been saving since 2005.

I choose my own stocks and am drawn to volatility. I regularly trade in and out of certain companies, such as the biopharmaceutical company Avacta. I probably look at the stock price on my phone once a day.

If you were chancellor, what would you do?

I would stop levying income tax on anyone earning less than £30,000. Wealth must be distributed more fairly and people who earn less must pay less tax.

I am not a socialist. I am a complete and utter capitalist. But I think people who really need it should get more support.

What is your first financial priority?

Taking care of my kids — daughter Kirstie, 29, and two sons, Alex, 23, and Mackenzie, 18 — gives me purpose.