Lloyds 'rogue trader' fired after bonus scam exposed

The Telegraph reports the executive, Frank Kornmann, worked in the state-backed lender's investment banking arm as head of hybrid foreign exchange and interest rate trading. The report said the irregular trades were discovered in 2011 in a portfolio of 'complex financial products' which have lost £37m in the past two years. He was fired from the bank, which is 41% owned by the state, in February, last year. Another member of staff was also sacked following the incident. Kornmann was found to have falsified trading records to hide loss-making positions, it said. The bank passe...