What went wrong?
If the perpetrator’s own colleagues can’t catch these types of fraud then regulators never will, says John Gapper
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The Kerviel rogue trading scandal of January 2008 cost SocGen €4.9bn, revealed weaknesses in its internal control procedures and earned it a record €4m fine from the French regulator
SocGen unit pulls out of Ivory Coast
SGBCI, the country’s biggest bank, suspends its activities in the troubled West African nation ‘until further notice’. It is the fifth international bank to withdraw in just one week
SocGen bounces back from dismal 2009
French lender gives further evidence of its continued recovery with a set of solid results for 2010
Ex-SocGen employee convicted of code theft
A former employee of the French bank was found guilty of stealing programming code related to high-frequency trading in a US federal court
SocGen sees Africa as route to China
The French bank is targeting Chinese companies doing business in the mineral-rich continent as part of its African expansion strategy
SocGen rules out Basel rights issue
Société Générale said it would not follow European rivals into a rights issue as France’s third-biggest bank reported a doubling of quarterly net profits
Related content and features
Video
Signs of the rogue trader
John Plender traces trading scandals from the collapse of Barings and the losses at Sumitomo to the fraud at Société Générale
Comment and Analysis
Kerviel is a symptom of a banking malaise
Any bank that incentivises individuals to push as aggressively as they can within its trading limits will be vulnerable to someone breaking them, writes John Gapper
Jérôme Kerviel
Legal forms of irresponsibility have caused more damage than rogue traders
A distracting end to SocGen’s scandal
The jaw-dropping damages award against Jérôme Kerviel turns the spotlight away from the ‘serious failings’ in the bank’s internal controls
SocGen’s rogue trader is not the only one on trial
For completely different reasons, Société Générale is in the spotlight for a corporate strategy that has strained and has put the bank at risk
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