Lawyers for Jérôme Kerviel, the French trader accused by Société Générale of massive fraud, hit back at the bank on Sunday, accusing it of creating a “smokescreen” to divert attention from other losses.

Mr Kerviel was charged by French police on Monday with attempted fraud. But earlier his lawyers insisted that Mr Kerviel “did not commit any dishonest act, nor embezzle a single cent, and he in no way benefited from the bank’s funds”.