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He said that research by the Home Office in 2003 suggested older victims of rogue trader crime were two-and-a-half times more likely to have died or gone into residential care in the two years following an incident than those who had not been victimised.

Once competing on par with BNP Paribas in the early 2000s, SocGen has gone through a tumultuous period over the last 15 years, marked by heavy losses from a rogue trader on the eve of the 2008 financial crisis and a costly exit from Russia in the wake of the invasion of Ukraine last year.

Bank of England governor Andrew Bailey said SVB's collapse had been the fastest since the demise in 1995 of Britain's Barings Bank after huge derivatives losses caused by "rogue trader" Nick Leeson.

Costello previously gave permission for Pump It Up's riff to be sampled in Rogue Trader's 2005 dance hit Voodoo Child.

The scale of the charge, which is close to three times the investment bank’s profit last year, far eclipses the $2.3 billion rogue trader loss at rival UBS in 2011.