Daniel Bouton will step down as chief executive of Société Générale in May, although he'll stay on as chairman, the French bank announced Thursday. Bouton, 58, is taking the fall for the bank's failings in the rogue trading affair involving Jérôme Kerviel, a junior stock arbitrager who ultimately cost the bank $7.5 billion in net losses.
In the early afternoon of Sunday, Jan. 20, Daniel Bouton, the chairman and chief executive of the huge French bank Société Générale, was in his 35th-floor office preparing for a board meeting that evening when one of his lieutenants, Jean-Pierre Mustier, came to break some calamitous news. Mustier, Société Générale's head of investment banking, had already alerted him about a 31-year-old junior trader in the stock arbitrage department named Jérôme Kerviel who had been caught making big unhedged bets on European stock futures.
A lawyer for the French trader accused of massive fraud at Societe Generale said bank bosses "condoned" his client's trades, contradicting bank statements that the trader acted on his own.
Two weeks after the scandal first broke, we still don't know exactly how Jérôme Kerviel, a lowly 31-year-old trader on the arbitrage desk at French bank Société Générale managed to build a $72 billion position in European stock index futures.
The board of troubled French banking giant Societe Generale said Wednesday that chairman and chief executive Daniel Bouton will stay on despite massive trading losses of more than $7.2 billion.
The board of troubled French banking giant Societe Generale said Wednesday that Chairman and Chief Executive Daniel Bouton will stay on despite massive trading losses of more than $7.2 billion.
Concerns over the trading carried out by Jerome Kerviel, the trader accused of causing a $7.2 billion loss at Societe Generale, were raised as early as last November, a British newspaper reported Tuesday.
The French prosecutor who sought charges against trader Jerome Kerviel for a $7.2 billion loss at Societe Generale said Tuesday he plans to appeal a judge's decision to throw out a charge of fraud.
Alleged multibillion-dollar rogue trader Jerome Kerviel was freed Monday after French authorities preliminarily charged him with abuse of confidence and illegal access to computers.
French prosecutors said Monday they plan to pursue four charges, including fraud, against the trader who allegedly carried out a $7.2 billion fraud at French banking giant Societe Generale.
Daniel Bouton will step down as chief executive of Société Générale in May, although he'll stay on as chairman, the French bank announced Thursday. Bouton, 58, is taking the fall for the bank's failings in the rogue trading affair involving Jérôme Kerviel, a junior stock arbitrager who ultimately cost the bank $7.5 billion in net losses.
In the early afternoon of Sunday, Jan. 20, Daniel Bouton, the chairman and chief executive of the huge French bank Société Générale, was in his 35th-floor office preparing for a board meeting that evening when one of his lieutenants, Jean-Pierre Mustier, came to break some calamitous news. Mustier, Société Générale's head of investment banking, had already alerted him about a 31-year-old junior trader in the stock arbitrage department named Jérôme Kerviel who had been caught making big unhedged bets on European stock futures.
A lawyer for the French trader accused of massive fraud at Societe Generale said bank bosses "condoned" his client's trades, contradicting bank statements that the trader acted on his own.
Two weeks after the scandal first broke, we still don't know exactly how Jérôme Kerviel, a lowly 31-year-old trader on the arbitrage desk at French bank Société Générale managed to build a $72 billion position in European stock index futures.
The board of troubled French banking giant Societe Generale said Wednesday that chairman and chief executive Daniel Bouton will stay on despite massive trading losses of more than $7.2 billion.
The board of troubled French banking giant Societe Generale said Wednesday that Chairman and Chief Executive Daniel Bouton will stay on despite massive trading losses of more than $7.2 billion.
Concerns over the trading carried out by Jerome Kerviel, the trader accused of causing a $7.2 billion loss at Societe Generale, were raised as early as last November, a British newspaper reported Tuesday.
The French prosecutor who sought charges against trader Jerome Kerviel for a $7.2 billion loss at Societe Generale said Tuesday he plans to appeal a judge's decision to throw out a charge of fraud.
Alleged multibillion-dollar rogue trader Jerome Kerviel was freed Monday after French authorities preliminarily charged him with abuse of confidence and illegal access to computers.
French prosecutors said Monday they plan to pursue four charges, including fraud, against the trader who allegedly carried out a $7.2 billion fraud at French banking giant Societe Generale.
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