No image available
/ 26 February 2008

Sarkozy hits out at Société Générale chief

French President Nicolas Sarkozy sharply criticised the chairperson of scandal-hit bank Société Générale in an interview published on Tuesday, saying his response to billion-euro losses was "not normal". "When the president of a company sees losses of that magnitude and does not draw conclusions from it, that’s not normal," Sarkozy said.

No image available
/ 29 January 2008

France’s rogue trader freed after escaping fraud charges

Accused French rogue trader Jerome Kerviel walked free after judges placed him under formal investigation on Monday for his role in $7-billion of losses at Société Générale but stopped short of charging him with fraud. Shares in the French bank took a battering as allegations emerged that a board member was guilty of insider trading related to the scandal.

No image available
/ 24 January 2008

French bank hit by €4,9-billion fraud

French bank Société Générale (SocGen) disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses. SocGen, France’s second-biggest listed bank, said it had uncovered an ”exceptional fraud” by one of its traders. It said this would cost the group â,¬4,9-billion.