Westminster Bank Westminster Bank Westminster Bank was a British retail bank which operated in England and Wales from 1834 until its merger into the National Westminster Bank in 1970; it continued to exist as a dormant registered non-trading company until 4 July 2017 when it was dissolved Considered one of the Big Five, it expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies. In 1834, the London and Westminster Bank was the first firm founded under the auspices of the Bank Charter Act 1833, which allowed joint-stock banks to be established in the capital. For
2008 Société Générale trading loss 2008 Société Générale trading loss In January 2008, the bank Société Générale lost approximately €4.9 billion closing out positions over three days of trading beginning January 21, 2008, a period in which the market was experiencing a large drop in equity indices. The bank states these positions were fraudulent transactions created by Jérôme Kerviel, a trader with the company. The police stated they lacked evidence to charge him with fraud and charged him with breach of trust and illegally accessing computers. Kerviel states his actions were known to his superiors and that the losses were caused by panic selling by