Societe Generale, France’s second largest bank by market value, uncovers a 4.9 billion euros ($7.1 billion) trading fraud. Institutional clients were eager to announce a trading ban with Societe Generale in all asset classes, until further clarification on this single future trader’s fraudulent trade and the actual losses.
About the company
Societe Generale is a bank with over 140 years of history that provides both advancing and corporate and investment banking services to customers located in over 80 countries. Customers benefit from the bank’s global network that offers attractive financing and saving plans, leading-edge cash optimization solutions, efficient trading opportunities and complete wealth and capital management options.
The bank’s set-up combines regionally experienced teams focused on efficient client management with strong risk management controls – offering its customers real value, regardless of their size. With a simple purpose at its core, Societe Generale works to challenge itself to bring innovative solutions so that its customers can embark on their own successful journeys.
Author Profile
- I am a financial services writer with experience in forex trading and stock market analysis.
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3 Comments
1995 Nick Leeson Barings Bank £827 million Nikkei Indet Futures 6.5 years
1995 Toshihide Iguchi Resona Holdings £557 million Treasury Bonds 4 years
1996 Yasuo Hamanaka Sumitomo Corp. $2.6 billioni Copper 8 years
2002 John Rusnak Allied Irish Banks £350 million FX options 7.5 years
2003-2004 Luke Duffy National Australia Bank AU$360 millioin FX options 16 months
2006-2008 Jerome Kerviel Societe Generale €4.9 billion European Stock Indext Futures We will see..
Oh, crap… you and I both know Western men will never slip the bonds of central banks or their suits, shirts and ties. 🙂
These articles are strangely relatable with the crisis now. Wow